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Beating the Odds : Black Jockeys in the Kentucky Derby, 1870-1911

Leeds, Michael - 2019

The Kentucky Derby is the premier American horse race. The first race was held in 1875 and 13 of the 15 jockeys were African Americans. African American jockeys continued to play an important role until the turn of the 19th century when they were forced from the Kentucky Derby and the other big...

Persistent link: https://www.econbiz.de/10012894437

Is Lottery Gambling Addictive?

Guryan, Jonathan - 2010

We present an empirical test for the addictiveness of lottery gambling. To distinguish state dependence from serial … correlation, we exploit an exogenous shock to local market consumption of lottery gambling. We use the sale of a winning ticket in … approach estimates the time path of persistence non-parametrically. Our data from the Texas State Lottery suggests that after 6 …

Persistent link: https://www.econbiz.de/10012757851

Individual Preferences, Monetary Gambles and the Equity Premium

Barberis, Nicholas - 2009

We argue that narrow framing, whereby an agent who is offered a new gamble evaluates that gamble in isolation, separately from other risks she already faces, may be a more important feature of decision-making under risk than previously realized. To demonstrate this, we present evidence on...

Persistent link: https://www.econbiz.de/10012767726

Historical Political Futures Markets : An International Perspective

Rhode, Paul W. - 2008

Political future markets, in which investors bet on election outcomes, are often thought a recent invention. Such markets in fact have a long history in many Western countries. This paper traces the operation of political futures markets back to 16th Century Italy, 18th Century Britain, and 19th...

Persistent link: https://www.econbiz.de/10012770098

Cognitive Imprecision and Small-Stakes Risk Aversion

Khaw, Mel - 2018

Observed choices between risky lotteries are difficult to reconcile with expected utility maximization, both because subjects appear to be too risk averse with regard to small gambles for this to be explained by diminishing marginal utility of wealth, as stressed by Rabin (2000), and because...

Persistent link: https://www.econbiz.de/10012911706

The Effect of Wealth on Individual and Household Labor Supply : Evidence from Swedish Lotteries

Cesarini, David - 2015

Swedish lottery players. We find winning a lottery prize modestly reduces labor earnings, with the reduction being immediate …

Persistent link: https://www.econbiz.de/10013011092

Windfall Gains and Stock Market Participation

Briggs, Joseph - 2015

We estimate the causal effect of wealth on stock market participation using administrative data on Swedish lottery … players. A $150,000 windfall gain increases stock ownership probability among pre-lottery non-participants by 12 percentage … points, while pre-lottery stock holders are unaffected. The effect is immediate, seemingly permanent and heterogeneous in …

Persistent link: https://www.econbiz.de/10013013170

Salience Theory of Choice Under Risk

Bordalo, Pedro - 2015

We present a theory of choice among lotteries in which the decision maker's attention is drawn to (precisely defined) salient payoffs. This leads the decision maker to a context-dependent representation of lotteries in which true probabilities are replaced by decision weights distorted in favor...

Persistent link: https://www.econbiz.de/10013038557

Charters Without Lotteries : Testing Takeovers in New Orleans and Boston

Abdulkadiroglu, Atila - 2014

Lottery estimates suggest oversubscribed urban charter schools boost student achievement markedly. But these estimates … District show substantial gains from takeover enrollment. In Boston, where we can compare grandfathering and lottery estimates …

Persistent link: https://www.econbiz.de/10013039631

What Can We Learn from Charter School Lotteries?

Chabrier, Julia - 2016

We take a closer look at what we can learn about charter schools by pooling data from lottery-based impact estimates of …

Persistent link: https://www.econbiz.de/10012987136