Johnson, J.E.V. and Bruce, A.C.
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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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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