1,721,062 research outputs found
Market power in British parimutual and bookmaker based horseracing betting markets: an empirical analysis
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An exploration of inefficiency in a market for state contingent claims
No full textThis paper apportions responsibility for inefficiency in a market for state contingent claims between market makers and traders. We specifically examine the origins of a frequently observed distortion in the market for bets in horseraces - the favorite- longshot bias. Previous studies rationalise the bias in terms of traders' (bettors) or market makers' (bookmakers) behaviour. Employing hitherto unavailable data we conduct a parallel logistic analysis of parimutuel and bookmakers markets, which offers an unequivocal basis for identifying the origin of the bias
The economic impact of complexity: Risk propensity and decision making in betting markets
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Toward an explanation of the Favourite-Longshot bias: a decision-making perspective
No full textThis 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
The role of trading volume in explaining horserace outcomes: a technical analysis perspective
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