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Noise, Information and the Favorite-Longshot Bias

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Marco Ottaviani
Peter Sorenson

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Paper provided by www.najecon.org in its series NajEcon Working Paper Reviews with number 784828000000000397.

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Date of creation: 02 Sep 2005
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Handle: RePEc:cla:najeco:784828000000000397

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Walker, Ian & Young, Juliet, 2001. "An Economist's Guide to Lottery Design," Economic Journal, Royal Economic Society, vol. 111(475), pages F700-722, November. [Downloadable!] (restricted)
  2. Thaler, Richard H & Ziemba, William T, 1988. "Parimutuel Betting Markets: Racetracks and Lotteries," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 161-74, Spring. [Downloadable!] (restricted)
  3. Jullien, Bruno & Salanié, Bernard, 2005. "Empirical Evidence on the Preferences of Racetrack Bettors," IDEI Working Papers 178, Institut d'Économie Industrielle (IDEI), Toulouse. [Downloadable!]
  4. Potters, J. & Wit, J., 1996. "Bets and bids : favorite-longshot bias and winner's curse," Discussion Paper 4, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  5. Joseph Golec & Maurry Tamarkin, 1998. "Bettors Love Skewness, Not Risk, at the Horse Track," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 205-225, February. [Downloadable!] (restricted)
  6. Milgrom, Paul & Stokey, Nancy, 1982. "Information, trade and common knowledge," Journal of Economic Theory, Elsevier, vol. 26(1), pages 17-27, February. [Downloadable!] (restricted)
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  7. Hurley, William & McDonough, Lawrence, 1995. "A Note on the Hayek Hypothesis and the Favorite-Longshot Bias in Parimutuel Betting," American Economic Review, American Economic Association, vol. 85(4), pages 949-55, September. [Downloadable!] (restricted)
  8. Russell S. Sobel & S. Travis Raines, 2003. "An examination of the empirical derivatives of the favourite-longshot bias in racetrack betting," Applied Economics, Taylor and Francis Journals, vol. 35(4), pages 371-385, January. [Downloadable!] (restricted)
  9. Jeffrey Lange & Nicholas Economides, 2005. "A Parimutuel Market Microstructure for Contingent Claims," European Financial Management, Blackwell Publishing Ltd, vol. 11(1), pages 25-49. [Downloadable!] (restricted)
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  10. Forrest, David & Gulley, O David & Simmons, Robert, 2000. "Testing for Rational Expectations in the UK National Lottery," Applied Economics, Taylor and Francis Journals, vol. 32(3), pages 315-26, February. [Downloadable!] (restricted)
  11. Bruce, Alistair C & Johnson, Johnnie E V, 2001. "Efficiency Characteristics of a Market for State Contingent Claims," Applied Economics, Taylor and Francis Journals, vol. 33(13), pages 1751-54, October. [Downloadable!] (restricted)
  12. Frederic Koessler & Anthony Ziegelmeyer, 2004. "Parimutuel Betting under Asymmetric Information," Papers on Strategic Interaction 2003-34, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
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  13. Williams, Leighton Vaughan & Paton, David, 1998. "Why Are Some Favourite-Longshot Biases Positive and Others Negative?," Applied Economics, Taylor and Francis Journals, vol. 30(11), pages 1505-10, November. [Downloadable!] (restricted)
  14. Bruno Jullien & Bernard Salanie, 2000. "Estimating Preferences under Risk: The Case of Racetrack Bettors," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 503-530, June. [Downloadable!] (restricted)
    Other versions:
  15. Quandt, Richard E, 1986. "Betting and Equilibrium," The Quarterly Journal of Economics, MIT Press, vol. 101(1), pages 201-07, February. [Downloadable!] (restricted)
  16. Richard N. Rosett, 1965. "Gambling and Rationality," Journal of Political Economy, University of Chicago Press, vol. 73, pages 595. [Downloadable!] (restricted)
  17. Cabreales, Antonio & Calvo-Armengol, Antoni & Jackson, Matthew O., 2003. "La Crema: A Case Study of Mutual Fire Insurance," Journal of Political Economy, University of Chicago Press, vol. 111(2), pages 425-458, April. [Downloadable!] (restricted)
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  18. Conlisk, John, 1993. " The Utility of Gambling," Journal of Risk and Uncertainty, Springer, vol. 6(3), pages 255-75, June.
  19. Metrick, Andrew, 1996. "March madness? Strategic behavior in NCAA basketball tournament betting pools," Journal of Economic Behavior & Organization, Elsevier, vol. 30(2), pages 159-172, August. [Downloadable!] (restricted)
  20. Asch, Peter & Quandt, Richard E, 1987. "Efficiency and Profitability in Exotic Bets," Economica, London School of Economics and Political Science, vol. 54(215), pages 289-98, August. [Downloadable!] (restricted)
  21. Marco Ottaviani & Peter Norman Sørensen, 2007. "Aggregation of Information and Beliefs in Prediction Markets," FRU Working Papers 2007/01, University of Copenhagen. Department of Economics. Finance Research Unit. [Downloadable!]
  22. Brown, Lawrence D. & Lin, Yi, 2003. "Racetrack betting and consensus of subjective probabilities," Statistics & Probability Letters, Elsevier, vol. 62(2), pages 175-187, April. [Downloadable!] (restricted)
  23. Shin, Hyun Song, 1991. "Optimal Betting Odds against Insider Traders," Economic Journal, Royal Economic Society, vol. 101(408), pages 1179-85, September. [Downloadable!] (restricted)
  24. Ali, Mukhtar M, 1977. "Probability and Utility Estimates for Racetrack Bettors," Journal of Political Economy, University of Chicago Press, vol. 85(4), pages 803-15, August. [Downloadable!] (restricted)
  25. Crafts, Nicholas F R, 1985. "Some Evidence of Insider Knowledge in Horse Race Betting in Britain," Economica, London School of Economics and Political Science, vol. 52(27), pages 295-304, August. [Downloadable!] (restricted)
  26. Shin, Hyun Song, 1992. "Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias," Economic Journal, Royal Economic Society, vol. 102(411), pages 426-35, March. [Downloadable!] (restricted)
  27. Busche, Kelly & Hall, Christopher D, 1988. "An Exception to the Risk Preference Anomaly," Journal of Business, University of Chicago Press, vol. 61(3), pages 337-46, July. [Downloadable!] (restricted)
  28. Asch, Peter & Malkiel, Burton G. & Quandt, Richard E., 1982. "Racetrack betting and informed behavior," Journal of Financial Economics, Elsevier, vol. 10(2), pages 187-194, July. [Downloadable!] (restricted)
  29. Terrell, Dek & Farmer, Amy, 1996. "Optimal Betting and Efficiency in Parimutuel Betting Markets with Information Costs," Economic Journal, Royal Economic Society, vol. 106(437), pages 846-68, July. [Downloadable!] (restricted)
  30. Steven D. Levitt, 2004. "Why are gambling markets organised so differently from financial markets?," Economic Journal, Royal Economic Society, vol. 114(495), pages 223-246, 04. [Downloadable!] (restricted)
  31. Chadha, Sumir & Quandt, Richard E, 1996. "Betting Bias and Market Equilibrium in Racetrack Betting," Applied Financial Economics, Taylor and Francis Journals, vol. 6(3), pages 287-92, June. [Downloadable!] (restricted)
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