{"id":"https://openalex.org/W1541230767","doi":null,"title":"Betting on odds on favorites as an optimal choice in cumulative prospect theory","display_name":"Betting on odds on favorites as an optimal choice in cumulative prospect theory","publication_year":2007,"publication_date":"2007-07-24","ids":{"openalex":"https://openalex.org/W1541230767","mag":"1541230767"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:ebl:ecbull:v:4:y:2007:i:26:p:1-10","doi":null,"is_oa":false,"landing_page_url":"http://www.accessecon.com/pubs/EB/2007/Volume4/EB-07D00007A.pdf","pdf_url":"http://www.accessecon.com/pubs/EB/2007/Volume4/EB-07D00007A.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},"volume":null,"type":"article","indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5006978243","display_name":"David Alan Peel","orcid":"https://orcid.org/0000-0001-5281-2041","observed_orcids":["https://orcid.org/0000-0001-5281-2041"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"David Peel","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0001-5281-2041","affiliations":[]},{"author_position":"last","author":{"id":null,"display_name":"David R. Law","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"David R. Law","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.2466,"has_fulltext":false,"cited_by_count":3,"citation_normalized_percentile":{"value":0.63740458,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":94,"max":96},"biblio":{"volume":"4","issue":"26","first_page":"1","last_page":"10"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10646","display_name":"Experimental Behavioral Economics Studies","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/3311","display_name":"Safety Research"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10517","display_name":"Financial Literacy, Pension, Retirement Analysis","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cumulative-prospect-theory","display_name":"cumulative prospect theory","score":0.984000027179718},{"id":"https://openalex.org/keywords/gambling","display_name":"gambling","score":0.5180000066757202},{"id":"https://openalex.org/keywords/probability-weighting","display_name":"probability weighting","score":0.7279999852180481},{"id":"https://openalex.org/keywords/long-shot","display_name":"long shot","score":0.3400000035762787},{"id":"https://openalex.org/keywords/probability-distortion","display_name":"probability distortion","score":0.3140000104904175}],"concepts":[{"id":"https://openalex.org/C143095724","wikidata":"https://www.wikidata.org/wiki/Q515895","display_name":"Odds","level":3,"score":0.8946521282196045},{"id":"https://openalex.org/C2779449553","wikidata":"https://www.wikidata.org/wiki/Q5194187","display_name":"Cumulative prospect theory","level":3,"score":0.8932055830955505},{"id":"https://openalex.org/C339426","wikidata":"https://www.wikidata.org/wiki/Q1151839","display_name":"Prospect theory","level":2,"score":0.8767197728157043},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5558013916015625},{"id":"https://openalex.org/C205706631","wikidata":"https://www.wikidata.org/wiki/Q2319304","display_name":"Expected utility hypothesis","level":2,"score":0.5408428907394409},{"id":"https://openalex.org/C183115368","wikidata":"https://www.wikidata.org/wiki/Q856577","display_name":"Weighting","level":2,"score":0.5007486343383789},{"id":"https://openalex.org/C2779871187","wikidata":"https://www.wikidata.org/wiki/Q4333856","display_name":"Risk-seeking","level":2,"score":0.46724796295166016},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.41998291015625},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.39055415987968445},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.3792319893836975},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.28786951303482056},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.2198217213153839},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.15935495495796204},{"id":"https://openalex.org/C151956035","wikidata":"https://www.wikidata.org/wiki/Q1132755","display_name":"Logistic regression","level":2,"score":0.12361624836921692},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C126838900","wikidata":"https://www.wikidata.org/wiki/Q77604","display_name":"Radiology","level":1,"score":0.0},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"pmh:oai:RePEc:ebl:ecbull:v:4:y:2007:i:26:p:1-10","doi":null,"is_oa":false,"landing_page_url":"http://www.accessecon.com/pubs/EB/2007/Volume4/EB-07D00007A.pdf","pdf_url":"http://www.accessecon.com/pubs/EB/2007/Volume4/EB-07D00007A.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.584.6104","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.584.6104","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.accessecon.com/pubs/EB/2007/Volume4/EB-07D00007A.pdf","raw_type":"text"},{"id":"pmh:oai:eprints.lancs.ac.uk:45029","doi":null,"is_oa":false,"landing_page_url":"https://eprints.lancs.ac.uk/id/eprint/45029/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401916","display_name":"Lancaster EPrints (Lancaster University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I67415387","host_organization_name":"Lancaster University","host_organization_lineage":["https://openalex.org/I67415387"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Journal Article"},{"id":"mag:1541230767","doi":null,"is_oa":false,"landing_page_url":"http://www.accessecon.com/pubs/EB/2007/Volume4/EB-07D00007A.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S134953813","display_name":"Economics bulletin","issn_l":"1545-2921","issn":["1545-2921"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-20","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Economics bulletin","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W1522990016","https://openalex.org/W1978844375","https://openalex.org/W1993989686","https://openalex.org/W1998606935","https://openalex.org/W2001314201","https://openalex.org/W2016992590","https://openalex.org/W2041946752","https://openalex.org/W2042695214","https://openalex.org/W2083760523","https://openalex.org/W2087991264","https://openalex.org/W2099161251","https://openalex.org/W2107566558","https://openalex.org/W2133469585","https://openalex.org/W2160310491","https://openalex.org/W2333311386","https://openalex.org/W3023376117","https://openalex.org/W3125353710"],"related_works":["https://openalex.org/W1522990016","https://openalex.org/W2038849546","https://openalex.org/W2600998661","https://openalex.org/W3140356090","https://openalex.org/W2102623514","https://openalex.org/W4391252461","https://openalex.org/W2106045190","https://openalex.org/W2043009705","https://openalex.org/W1501932721","https://openalex.org/W2041946752"],"abstract_inverted_index":{"It":[0],"is":[1,96,104],"well":[2],"known":[3],"that":[4,60,62,67,111],"the":[5,37],"parametric":[6,54],"version":[7],"of":[8,40,56,63],"Cumulative":[9,57],"Prospect":[10,58],"theory":[11],"(CPT)":[12],"proposed":[13],"by":[14],"Kahneman":[15,22,64],"and":[16,19,21,65,76],"Tversky":[17,20,66],"(1979)":[18],"(1992)":[23],"(KT)":[24],"can":[25],"explain":[26],"gambling":[27],"at":[28,89],"actuarially":[29,90],"unfair":[30,91],"odds":[31,46,86,92],"on":[32,45,85,87],"long":[33],"shots":[34],"due":[35],"to":[36],"over":[38,74,79,118],"weighting":[39],"small":[41],"probabilities.":[42],"However":[43],"betting":[44],"favorites":[47],"appears":[48],"problematic.":[49],"We":[50],"demonstrate":[51],"using":[52],"a":[53],"model":[55],"Theory":[59],"nests":[61],"if":[68],"agents":[69],"are":[70,114],"risk":[71,116],"averse":[72,117],"enough":[73,78],"gains":[75],"risk-seeking":[77],"losses":[80],"then":[81],"they":[82],"will":[83],"gamble":[84],"chances":[88],"even":[93],"when":[94],"there":[95],"no":[97],"probability":[98],"distortion.":[99],"This":[100],"previously":[101],"unappreciated":[102],"fact":[103],"interesting":[105],"since":[106],"many":[107],"experimental":[108],"results":[109],"suggest":[110],"some":[112],"respondents":[113],"very":[115],"gains.":[119]},"counts_by_year":[{"year":2013,"cited_by_count":2}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2016-06-24T00:00:00"}