Toward an explanation of the favourtie-Longshot bias: a decision-making perspective


Johnson, J.E.V. and Bruce, A.C. (1999) Toward an explanation of the favourtie-Longshot bias: a decision-making perspective. Southampton, UK, University of Southampton (Discussion Papers in Accounting and Management Science, 99-145).

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Description/Abstract

This paper seeks to offer new insights into the behavioral origins of the 'favourite-longshot' bias- an established feature of betting markets, whereby longshots win less often than the subjective probabilities imply and favourites more often. This study analyses a new data source which offers detailed information for a large sample of recent UK horseraces on decision-making behavior within the parimutuel and the parallel bookmaker-based betting markets

Item Type: Monograph (Discussion Paper)
Related URLs:
Subjects: B Philosophy. Psychology. Religion > BF Psychology
G Geography. Anthropology. Recreation > GV Recreation Leisure
H Social Sciences > HF Commerce
Divisions: University Structure - Pre August 2011 > School of Management
ePrint ID: 36093
Date Deposited: 24 Apr 2007
Last Modified: 01 Oct 2015 14:26
URI: http://eprints.soton.ac.uk/id/eprint/36093

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