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...

Job creation has lowered unemployment, but the Belgian labour market still faces many challenges. Employment rates remain low, reflecting barriers to finding a job such as low levels of skills and weak work incentives. In addition, the changing nature of work will require faster adaptation of...

Spain has experienced a dramatic business cycle, starting with a large construction based boom followed by a long recession, resulting in a substantial rise in unemployment, and income and wealth inequality. This paper uses longitudinal data from the Survey of Household Finances over the period...

La création d’emplois a contribué à faire reculer le chômage, mais le marché du travail belge demeure confronté à de nombreux défis. Les taux d’emploi restent bas en raison d’obstacles tels que le faible niveau des compétences et le manque d’incitations au travail. En outre, les...