Toward an explanation of the Favourite-Longshot bias: a decision-making perspective
Toward an explanation of the Favourite-Longshot bias: a decision-making perspective
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.
University of Southampton
Johnson, J.E.V.
6d9f1a51-38a8-4011-a792-bfc82040fac4
Bruce, A.C.
6a4ed45f-ba2b-4274-8e94-bd3d3b4f8da9
1999
Johnson, J.E.V.
6d9f1a51-38a8-4011-a792-bfc82040fac4
Bruce, A.C.
6a4ed45f-ba2b-4274-8e94-bd3d3b4f8da9
Johnson, J.E.V. and Bruce, A.C.
(1999)
Toward an explanation of the Favourite-Longshot bias: a decision-making perspective
(Discussion Papers in Accounting and Management Science, 99-145)
Southampton, UK.
University of Southampton
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
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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: 11 Dec 2021 15:31
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Contributors
Author:
J.E.V. Johnson
Author:
A.C. Bruce
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