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Committee Bias and Market Inefficiency, Evidence from the NCAA Men’s Basketball Tournament

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  • Christopher C. Douglas

    (University of Michigan-Flint)

Abstract

Various studies find evidence that the NCAA men’s basketball section committee exhibits bias in the seeding of teams for the “March Madness” basketball tournament. Fewer studies examine whether March Madness betting markets are efficient. Using a decade’s worth of NCAA and point spread data that allow for additional sources of bias than what has been already considered, I find evidence that the selection committee does exhibit bias when seeding teams. Not all of these biases are eliminated by the betting market, which seems to allow for profit opportunities.

Suggested Citation

  • Christopher C. Douglas, 2014. "Committee Bias and Market Inefficiency, Evidence from the NCAA Men’s Basketball Tournament," Journal of Economic Insight, Missouri Valley Economic Association, vol. 40(2), pages 1-17.
    • Handle: RePEc:mve:journl:v:40:y:2014:i:2:p:1-17
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    More about this item

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism

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