Bruce, Alistair C., Johnson, Johnnie E.V. and Yu, Jiejun
An examination of the determinants of biased behaviour in a market for state contingent claims
At The Growth of Gambling and Prediction Markets: Economic and Financial Implications.
20 - 22 May 2007.
Full text not available from this repository.
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
Conference or Workshop Item
|Venue - Dates:
||The Growth of Gambling and Prediction Markets: Economic and Financial Implications, 2007-05-20 - 2007-05-22
||market efficiency, favourite-longshot bias, betting markets
||03 Aug 2007
||16 Apr 2017 18:30
|Further Information:||Google Scholar|
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