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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
Stable URL: http://www.jstor.org/stable/2353043
Page Count: 10
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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
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Abstract

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.

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