Owing to past structural reforms, Costa Rica has enjoyed robust GDP growth and productivity levels are gradually converging towards the OECD average. However, large GDP per capita and productivity gaps persist. In addition, not everyone has benefited from this growth. Inequality has increased...

Debido a las anteriores reformas estructurales, Costa Rica ha disfrutado de un considerable crecimiento del PIB y los niveles de productividad están convergiendo gradualmente hacia el promedio de los países de la OCDE. Sin embargo, persisten grandes brechas en cuanto al PIB per cápita y a la...

Standard parametric specifications of Cumulative Prospect theory (CPT) can explain why agents bet on longshots at actuarially unfair odds. However, the standard specification of CPT cannot explain why people might bet on more favoured outcomes, where by construction the greatest volume of money...

The answer to this question, based on a study of 1000 greyhound races, is 'no'. Although the efficient markets hypothesis asserts that speculative market prices optimally encapsulate all relevant information, it is found that 'Shin probabilities' (based on Shin, 1993), in which a dog's winning...

Explanation of the Allais paradox and the preference of many for multiple prize lottery tickets provide a rationale for why a model of agent's choice under uncertainty should embody the assumption that they distort probabilities. However the degree of probability distortion required to explain...

Bookmakers practise a type of product bundling. To bet a horse for a place a punter has to bet an equal amount for a win. The returns to the place component of the bet are determined by a rule of thumb. This paper examines whether the product bundling negates a betting strategy that endeavours...