Decisions: Risk and Reward

ISBN-13: 9780415759717 / Angielski / Miękka / 2015

Johnnie E. V. Johnson; Alistair Bruce

Opis

Examining the interface between economics and business in this area, this book presents some of the first attempts to explore reactions to complexity in naturalistic environments using real world settings and the way people make decisions.

Spis treści

Section 1: Motivation for Betting and Risk Taking, 1. Toward an explanation of betting as a leisure pursuit, 2. Costing excitement in leisure betting, 3. Successful betting strategies: Evidence from the UK off-course betting market, Section 2: The Impact of Complexity on Decision-Making Behaviour, 4.The complex decision: insights from naturalistic research, 5. An empirical study of the impact of complexity on participation in horserace betting, 6. A probit model for estimating the effect of complexity on risk taking, 7. Risk strategy under task complexity: A multivariate analysis of behaviour in a naturalistic setting, 8. Decision making under risk: effect of complexity on performance, Section 3: Gender Differences in Decision-Making Behaviour, 9. Gender and DSS design: the research implications, 10. Male and female betting behaviour – new perspectives, 11. Gender-based differences in leisure behaviour: performance, risk-taking and confidence in off-course betting, 12. Decision-making, risk and gender: are managers different? Section 4: The Use of Information by Decision Makers and Deviations from Rational Economic Behaviour, 13. A violation of dominance and the consumption value of gambling, 14. Exploring decision makers’ use of price information in a speculative market, 15. Gluck’s Second Law: an empirical investigation of horserace betting in early and late races, 16. Investigating the roots of the favourite-longshot bias: An analysis of decision-making by supply and demand-side agents in parallel betting markets, 17. Market efficiency analysis requires a sensitivity to market characteristics: some observations on a recent study of betting market efficiency, 18. Efficiency characteristics of a market for state contingent claims, 19. Market ecology and decision behaviour in state-contingent claims markets, 20. Calibration of subjective probability judgements in a naturalistic setting

O autorze

Johnnie Johnson is Director of the Centre for Risk Research at the University of Southampton.

Alistair Bruce is Professor of Decision and Risk Analysis at Nottingham University Business School.