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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Description/Abstract
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.
| Item Type: | Article |
|---|---|
| ISSNs: | 0033-2941 (print) |
| Related URLs: | |
| 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 |
| Item ID: | 35774 |
| Date Deposited: | 15 Mar 2007 |
| Last Modified: | 02 Mar 2012 12:48 |
| Contributors: | Johnson, J.E.V. (Author) Bruce, A.C. (Author) |
| Date: | 1993 |
| Status: | Published |
| Contact Email Address: | J.E.Johnson@soton.ac.uk |
| URI: | http://eprints.soton.ac.uk/id/eprint/35774 |
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