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A more general non-expected utility model as an explanation of gambling outcomes for individuals and markets

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A more general non-expected utility model as an explanation of gambling outcomes for individuals and markets. / Peel, D; Law, D.
In: Economica, Vol. 76, No. 302, 2009, p. 251-263.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

Peel, D & Law, D 2009, 'A more general non-expected utility model as an explanation of gambling outcomes for individuals and markets', Economica, vol. 76, no. 302, pp. 251-263. https://doi.org/10.1111/j.1468-0335.2008.00736.x

APA

Peel, D., & Law, D. (2009). A more general non-expected utility model as an explanation of gambling outcomes for individuals and markets. Economica, 76(302), 251-263. https://doi.org/10.1111/j.1468-0335.2008.00736.x

Vancouver

Peel D, Law D. A more general non-expected utility model as an explanation of gambling outcomes for individuals and markets. Economica. 2009;76(302):251-263. doi: 10.1111/j.1468-0335.2008.00736.x

Author

Peel, D ; Law, D. / A more general non-expected utility model as an explanation of gambling outcomes for individuals and markets. In: Economica. 2009 ; Vol. 76, No. 302. pp. 251-263.

Bibtex

@article{a4dc5c40b95f4d5aaf72e22d557b8ac1,
title = "A more general non-expected utility model as an explanation of gambling outcomes for individuals and markets",
abstract = "One feature of experimental work is the heterogeneity in risk attitudes and probability distortion displayed by agents. We outline a more general non-expected utility model, which nests the models of Markowitz, and Kahneman and Tversky. The model can generate the standard favourite–longshot bias or a reverse favourite–longshot bias as a result of optimal behaviour. We also provide new empirical evidence on the relationship between Tote and bookmaker returns and confirm that the relationship is not as originally conjectured by Gabriel and Marsden. We outline how our new model can provide an explanation of the relationship that is observed.",
author = "D Peel and D Law",
year = "2009",
doi = "10.1111/j.1468-0335.2008.00736.x",
language = "English",
volume = "76",
pages = "251--263",
journal = "Economica",
issn = "0013-0427",
publisher = "Wiley-Blackwell",
number = "302",

}

RIS

TY - JOUR

T1 - A more general non-expected utility model as an explanation of gambling outcomes for individuals and markets

AU - Peel, D

AU - Law, D

PY - 2009

Y1 - 2009

N2 - One feature of experimental work is the heterogeneity in risk attitudes and probability distortion displayed by agents. We outline a more general non-expected utility model, which nests the models of Markowitz, and Kahneman and Tversky. The model can generate the standard favourite–longshot bias or a reverse favourite–longshot bias as a result of optimal behaviour. We also provide new empirical evidence on the relationship between Tote and bookmaker returns and confirm that the relationship is not as originally conjectured by Gabriel and Marsden. We outline how our new model can provide an explanation of the relationship that is observed.

AB - One feature of experimental work is the heterogeneity in risk attitudes and probability distortion displayed by agents. We outline a more general non-expected utility model, which nests the models of Markowitz, and Kahneman and Tversky. The model can generate the standard favourite–longshot bias or a reverse favourite–longshot bias as a result of optimal behaviour. We also provide new empirical evidence on the relationship between Tote and bookmaker returns and confirm that the relationship is not as originally conjectured by Gabriel and Marsden. We outline how our new model can provide an explanation of the relationship that is observed.

U2 - 10.1111/j.1468-0335.2008.00736.x

DO - 10.1111/j.1468-0335.2008.00736.x

M3 - Journal article

VL - 76

SP - 251

EP - 263

JO - Economica

JF - Economica

SN - 0013-0427

IS - 302

ER -