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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).

Record type: Monograph (Discussion Paper)

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

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Published date: 1999

Identifiers

Local EPrints ID: 36093
URI: http://eprints.soton.ac.uk/id/eprint/36093
PURE UUID: 141cc275-c425-4120-8c4e-c24908c665df

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Date deposited: 24 Apr 2007
Last modified: 17 Jul 2017 15:45

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Contributors

Author: J.E.V. Johnson
Author: A.C. Bruce

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