You are not currently logged in.
Access JSTOR through your library or other institution:
If You Use a Screen ReaderThis content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
An Exception to the Risk Preference Anomaly
Kelly Busche and Christopher D. Hall
The Journal of Business
Vol. 61, No. 3 (Jul., 1988), pp. 337-346
Published by: The University of Chicago Press
Stable URL: http://www.jstor.org/stable/2353043
Page Count: 10
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Preview not available
The theory of risk bearing implies risk aversion. In every published study of horse race betting known to us, however, investigators reject this implication in favor of "risk-loving" behavior. Using the techniques of these studies, we examine a new data set from Hong Kong and find a rather different result: Hong Kong bettors seem to be either risk neutral or risk averse. A striking difference between the Hong Kong data and the previously studied North American data is the much larger betting volume per race.
The Journal of Business © 1988 The University of Chicago Press