An examination of the determinants of biased behaviour in a market for state contingent claims
Bruce, Alistair C., Johnson, Johnnie E.V. and Yu, Jiejun (2007) An examination of the determinants of biased behaviour in a market for state contingent claims. In, The Growth of Gambling and Prediction Markets: Economic and Financial Implications, Palm Desert, USA, 20 - 22 May 2007. 31pp.
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Description/Abstract
This paper examines the differential incidence of the favourite-longshot bias in
parallel sectors of the pari-mutuel horserace betting market in order to explore the
origins of the bias. Significant variations in the bias are discovered between market
sectors at the racetrack where the race takes place, at tracks remote from the race and
in off-track betting offices. These results shed light on the competing demand-side
explanations for the favourite-longshot bias and suggest that a combination of
behavioural and operational features of the markets and the types of bettors which
they attract have a strong impact on the bias
| Item Type: | Conference or Workshop Item (Paper) |
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| Related URLs: | |
| Keywords: | market efficiency, favourite-longshot bias, betting markets |
| Subjects: | G Geography. Anthropology. Recreation > GV Recreation Leisure H Social Sciences > HG Finance |
| Divisions: | University Structure - Pre August 2011 > School of Management |
| Item ID: | 47202 |
| Date Deposited: | 03 Aug 2007 |
| Last Modified: | 01 Jun 2011 04:39 |
| Contributors: | Bruce, Alistair C. (Author) Johnson, Johnnie E.V. (Author) Yu, Jiejun (Author) |
| Date: | May 2007 |
| Status: | Unpublished |
| URI: | http://eprints.soton.ac.uk/id/eprint/47202 |
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