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Market Efficiency in Finnish Harness Horse Racing

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  • Niko Suhonen

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    (University of Eastern Finland, Department of Social Science and Business Studies)

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    Abstract

    This paper analyzes the efficiency of betting markets in harness horse racing during the transition from on-track betting to Internet gambling. In order to test the market efficiency hypotheses, an alternative testing approach to other grouping methods is introduced. The betting market efficiency is tested by using a database accumulated from the Finnish harness horse racing. The results imply that the markets are weakly efficient but characterised by the favourite-longshot bias. However, convincing evidence for other gambling market anomalies such as the end of the day effect or the gambler’s fallacy is not found.

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    File URL: http://taloustieteellinenyhdistys.fi/images/stories/fep/fep12011/fep12011_suhonen.pdf
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    Bibliographic Info

    Article provided by Finnish Economic Association in its journal Finnish Economic Papers.

    Volume (Year): 24 (2011)
    Issue (Month): 1 (Spring)
    Pages: 55-63

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    Handle: RePEc:fep:journl:v:24:y:2011:i:1:p:55-63

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    Web page: http://www.taloustieteellinenyhdistys.fi
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    1. Snowberg, Erik & Wolfers, Justin, 2010. "Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?," CEPR Discussion Papers 7801, C.E.P.R. Discussion Papers.
    2. Jullien, Bruno & Salanié, Bernard, 2005. "Empirical Evidence on the Preferences of Racetrack Bettors," IDEI Working Papers 178, Institut d'Économie Industrielle (IDEI), Toulouse.
    3. Leighton Vaughan Williams & David Paton, 1998. "Why are some favourite-longshot biases positive and others negative?," Applied Economics, Taylor & Francis Journals, vol. 30(11), pages 1505-1510.
    4. Raymond D. Sauer, 1998. "The Economics of Wagering Markets," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 2021-2064, December.
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