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.
Full text not available from this repository.
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:||27 Mar 2014 18:22|
|Contact Email Address:||J.E.Johnson@soton.ac.uk|
|RDF:||RDF+N-Triples, RDF+N3, RDF+XML, Browse.|
Actions (login required)