dc.contributor.author |
O'Connor, Philip |
en |
dc.date.accessioned |
2012-03-11T22:32:01Z |
en |
dc.date.issued |
2008 |
en |
dc.identifier.citation |
The Journal of Gambling Business and Economics 2(1):1-29 2008 |
en |
dc.identifier.issn |
1751-8008 |
en |
dc.identifier.uri |
http://hdl.handle.net/2292/13732 |
en |
dc.description.abstract |
Risk preferences are inferred using a naturally occurring lottery: a synthetic win bet in exotic horse bets (exacta, trifecta, and superfecta). Unlike ordinary win bets, synthetic win bets do not have co-increasing standard deviation and skewness, and some synthetic win bets do not exhibit favorite-longshot bias. A co-efficient of relative risk aversion for a “standardized” utility function of up to 3 is estimated. The synthetic win market dislikes standard deviation and kurtosis (and other higher-order even moments) and likes skewness (and other higher order odd moments), implying participants are not risk-loving as some previous research has claimed. Including higher-order moments strongly affects the magnitude of utility function estimates. |
en |
dc.publisher |
University of Buckingham Press |
en |
dc.relation.ispartofseries |
Journal of Gambling Business and Economics |
en |
dc.rights |
Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. |
en |
dc.rights.uri |
https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm |
en |
dc.title |
Inferring Risk Preferences Using Synthetic Win Bets in Horse Betting" Exotic" Markets |
en |
dc.type |
Journal Article |
en |
dc.identifier.doi |
10.2139/ssrn.951071 |
en |
pubs.issue |
1 |
en |
pubs.begin-page |
1 |
en |
pubs.volume |
2 |
en |
dc.rights.holder |
Copyright: University of Buckingham Press |
en |
pubs.author-url |
http://www.ingentaconnect.com/content/ubpl/jgbe/2008/00000002/00000001/art00001 |
en |
pubs.end-page |
29 |
en |
dc.rights.accessrights |
http://purl.org/eprint/accessRights/RestrictedAccess |
en |
pubs.subtype |
Article |
en |
pubs.elements-id |
254794 |
en |
pubs.record-created-at-source-date |
2011-12-07 |
en |