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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 At The Growth of Gambling and Prediction Markets: Economic and Financial Implications. 20 - 22 May 2007. 31 pp.

Record type: Conference or Workshop Item (Paper)

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

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More information

Published date: May 2007
Venue - Dates: The Growth of Gambling and Prediction Markets: Economic and Financial Implications, 2007-05-20 - 2007-05-22
Keywords: market efficiency, favourite-longshot bias, betting markets

Identifiers

Local EPrints ID: 47202
URI: http://eprints.soton.ac.uk/id/eprint/47202
PURE UUID: d6da0f20-da89-4e2d-ac9d-e679d52288d9

Catalogue record

Date deposited: 03 Aug 2007
Last modified: 17 Jul 2017 15:04

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Contributors

Author: Alistair C. Bruce
Author: Jiejun Yu

University divisions

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