The Attitudes Towards Risk of Racetrack Bettors

Bruno Jullien and B. Slanie
Authors registered in the RePEc Author Service: Bernard Salanié

Working Papers from Toulouse - GREMAQ

Abstract: We investigate in this paper the attitude towards risk of bettors in British horce races. The model we use allows us to go beyond the expected utility framework and to explore various alternative proposals by estimating a multinomial model on 34443-race dataset. We find that rank-dependant utility models do not fit the data better than expected utility models. On the other hand, cumulative prospect theory has higher explanatory power. Our preferred estimates suggest a pattern of local risk-aversion similar to that proposed by Friedman-Savage.

Keywords: INFORMATION; ECONOMETRICS (search for similar items in EconPapers)
JEL-codes: C51 D80 (search for similar items in EconPapers)
Pages: 36 pages
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:fth:gremaq:97.467

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