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| Tekijä: | Rhoda, K. L. Olson, G. T. Rappaport, J. M. |
| Otsikko: | Risk preferences and information flows in racetrack betting markets |
| Lehti: | Journal of Financial Research
1999 : FALL, VOL. 22:3, p. 265-285 |
| Asiasana: | Risk Information Markets Gambling industry |
| Kieli: | eng |
| Tiivistelmä: | Racetrack betting markets provide unique environment to study risk preferences of investors. In the paper, the effects of different risk preferences are defined on the subjective and objective probabilities of winning at racetracks. The results indicate that up to three groups of bettors participate in these markets: risk-loving, risk-averse with an entertainment value in their utility functions, and risk-averse with superiour information or analytical ability. It is found that information flows from the tote board may be used to earn abnormal and possibly positive returns. |
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