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@article{1362569,
author = {Krčál, Ondřej and Kvasnička, Michal and Staněk, Rostislav},
article_number = {5},
doi = {http://dx.doi.org/10.1016/j.socec.2016.07.005},
keywords = {Cumulative prospect theory; Betting market; Probability weighting; Loss aversion},
language = {eng},
issn = {2214-8043},
journal = {Journal of Behavioral and Experimental Economics},
title = {External validity of prospect theory: The evidence from soccer betting},
url = {https://www.sciencedirect.com/science/article/pii/S2214804316300829},
volume = {65},
year = {2016}
}
TY - JOUR
ID - 1362569
AU - Krčál, Ondřej - Kvasnička, Michal - Staněk, Rostislav
PY - 2016
TI - External validity of prospect theory: The evidence from soccer betting
JF - Journal of Behavioral and Experimental Economics
VL - 65
IS - 5
SP - 121-127
EP - 121-127
SN - 22148043
KW - Cumulative prospect theory
KW - Betting market
KW - Probability weighting
KW - Loss aversion
UR - https://www.sciencedirect.com/science/article/pii/S2214804316300829
N2 - This paper tests whether the prospect theory parameters estimated from laboratory experiments correspond to estimates from real-life betting markets. Using Czech soccer betting data, we estimate the functional forms of the value and probability weighting functions commonly used for the experimental validation of prospect theory. In line with the experimental evidence, we find that bettors are risk averse in the domain of gains and risk seeking in the domain of losses and tend to overweight small probabilities and underweight medium and large probabilities. On the other hand, our findings suggest that bettors do not exhibit loss aversion. This might be at least partly explained by recent experimental evidence suggesting that loss aversion is weaker or absent if the decision-makers are experienced, if they face similar choices repeatedly, and if the decisions are made in a context where offers are usually accepted.
ER -
KRČÁL, Ondřej, Michal KVASNIČKA a Rostislav STANĚK. External validity of prospect theory: The evidence from soccer betting. \textit{Journal of Behavioral and Experimental Economics}. 2016, roč.~65, č.~5, s.~121-127. ISSN~2214-8043. doi:10.1016/j.socec.2016.07.005.
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