Bird Ronald; Mccrae M; Beggs J - 1987
This paper examines the attitudes of gamblers to risk as displayed by their betting behaviour on horse races. Although traditional economic theory assumes that individuals are averse to risk, numerous authors (e.g. Ali 1977; Asch, Malkiel and Quandt 1982; Snyder 1978 and Weitzman 1965) have produced...