Estimating Preferences under Risk: The Case of Racetrack Bettors
利用英国赛马数据，估计投注者的风险态度，发现累积前景理论比期望效用理论更能解释其行为，且风险厌恶模式与Friedman和Savage的经典理论一致。
In this paper we investigate the attitudes toward risk of bettors in British horse races. The model we use allows us to go beyond the expected utility framework and to explore various alternative proposals by estimating a multinomial model on a 34,443‐race data set. We find that rank‐dependent utility models do not fit the data noticeably better than expected utility models. On the other hand, cumulative prospect theory has higher explanatory power. Our preferred estimates suggest a pattern of local risk aversion similar to that proposed by Friedman and Savage.