Gluck's second law: an empirical investigation of horserace betting in early and late races
Johnson, J.E.V. and Bruce, A.C. (1993) Gluck's second law: an empirical investigation of horserace betting in early and late races. Psychological Reports, 72, (2), 1251-1258.
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The central premise of «Gluck's Second Law,» which states that «The Best Time to Bet the Favourite is in the Last Race,» is tested. Analysis of a random sample of 1212 bets placed in offcourse betting offices throughout the UK shows that bettors on later races back horses with shorter odds; commit, to some extent, higher stakes and perform at least as well as bettors on early races. The premise underlying «Gluck's Second Law» that bettors back long-shots in later races is questioned in relation to the UK offcourse betting market. Suggestions are offered for these results and avenues for further research are identified.
|Keywords:||gamble, play, silver, United Kingdom, human, Europe|
|Subjects:||H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
B Philosophy. Psychology. Religion > BC Logic
B Philosophy. Psychology. Religion > BF Psychology
|Divisions:||University Structure - Pre August 2011 > School of Management
|Date Deposited:||15 Mar 2007|
|Last Modified:||02 Mar 2012 12:48|
|Contact Email Address:||J.E.Johnson@soton.ac.uk|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
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