An explanation of each-way wagers in three models of risky choice

Punters may engage in betting on both a selection in an event to finish first or in one of the number of places, e.g. second, third or fourth. When the amounts staked with bookmakers at fixed odds on the win and place are equal, it is called an each-way bet. Each-way bets are apparently popular with punters but inconsistent with prominent models of wagering which assume gamblers are everywhere risk-seeking. In this note, we derive the conditions for win and place bets to be optimal in these three models of risky choice. The mathematical conditions for the each-way wager to be optimal, as opposed to a win and place wager with different stakes, are complicated and appear likely to occur rarely in practice. However, bettors obviously see the attraction in giving themselves two ways to bet on the one horse or two ways to win and betting each way. We suggest part of the ‘each-way’ betting attraction is that they are quick and easy to compute – a heuristic – to solve an otherwise complex betting strategy.     

Commitment and leisure behavior: A theoretical perspective

Abstract

The concept of commitment has been indirectly linked to a variety of topical areas in leisure research. The purpose of this paper is to identify and critique links between commitment and leisure behavior and to identify and discuss the attributes of committed behavior. The contribution of integrating the concept of commitment into research regarding conflict, substitution, recreation specialization, and leisure social worlds is identified and discussed. Tentative propositions linking commitment to leisure behavior are identified. Recommendations are made for the future operationalization of commitment, and its potential contribution to integrating leisure is discussed.