Peel, David A.; Law, Davind - In: Journal of Gambling Business and Economics 3 (2009) 2, pp. 15-35
The purpose in this paper is to demonstrate how the non-expected utility models of Markowitz and Kahneman and Tversky can explain why an agent, chooses to bet each way on a horse. We also show that that appeal to moments of return, such as a preference for skewness of return, ceteris paribus, to...