You are what you bet : eliciting risk attitudes from horse races Still preliminary

@inproceedings{Chiappori2008YouAW,
  title={You are what you bet : eliciting risk attitudes from horse races Still preliminary},
  author={Pierre-Andre Chiappori and Amit Gandhi and Bernard Salani{\'e} and F. Salani{\'e}},
  year={2008}
}
As a textbook model for contingent markets, horse races have provided an interesting way to study the attitude towards risk of bettors. We innovate on the literature by explicitly considering heterogeneous bettors, with different utility functions (possibly non-expected utility). Based on a simple single-crossing condition, we derive testable predictions; and we show that parimutuel data allow to uniquely identify the distribution of preferences among the population of bettors. We then estimate… CONTINUE READING
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