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Individual Behavior and Beliefs in Experimental Parimutuel Betting Markets

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  • Frederic Koessler

    ()
    (THEMA, Université de Cergy-Pontoise)

  • Ch. Noussair
  • A. Ziegelmeyer

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Bibliographic Info

Paper provided by THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise in its series THEMA Working Papers with number 2005-08.

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Date of creation: 2005
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Handle: RePEc:ema:worpap:2005-08

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References

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  1. Bruno Jullien & Bernard Salanie, 2000. "Estimating Preferences under Risk: The Case of Racetrack Bettors," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 108(3), pages 503-530, June.
  2. McKelvey, Richard D & Page, Talbot, 1990. "Public and Private Information: An Experimental Study of Information Pooling," Econometrica, Econometric Society, Econometric Society, vol. 58(6), pages 1321-39, November.
  3. Charles F. Manski, 2004. "Measuring Expectations," Econometrica, Econometric Society, Econometric Society, vol. 72(5), pages 1329-1376, 09.
  4. Mathias Drehmann & Joerg Oechssler & Andreas Roider, 2002. "Herding and Contrarian Behavior in Financial Markets - An Internet Experiment," Finance, EconWPA 0210005, EconWPA.
  5. Yaw Nyarko & Andrew Schotter, 2002. "An Experimental Study of Belief Learning Using Elicited Beliefs," Econometrica, Econometric Society, Econometric Society, vol. 70(3), pages 971-1005, May.
  6. Plott, Charles R. & Wit, J. & Yang, W. C., 1997. "Parimutuel Betting Markets as Information Aggregation Devises: Experimental Results," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 986, California Institute of Technology, Division of the Humanities and Social Sciences.
  7. Nathaniel T. Wilcox & Nick Feltovich, 2000. "Thinking Like a Game Theorist: Comment," Development Research Unit Working Paper Series, Monash University, Department of Economics archive-30, Monash University, Department of Economics.
  8. Koessler, Frédéric & Noussair, Charles & Ziegelmeyer, Anthony, 2008. "Parimutuel betting under asymmetric information," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 733-744, July.
  9. Thaler, Richard H & Ziemba, William T, 1988. "Parimutuel Betting Markets: Racetracks and Lotteries," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 2(2), pages 161-74, Spring.
  10. Robin Cubitt & Chris Starmer & Robert Sugden, 1998. "On the Validity of the Random Lottery Incentive System," Experimental Economics, Springer, Springer, vol. 1(2), pages 115-131, September.
  11. Vaughan Williams, Leighton, 1999. "Information Efficiency in Betting Markets: A Survey," Bulletin of Economic Research, Wiley Blackwell, Wiley Blackwell, vol. 51(1), pages 1-30, January.
  12. Marco Cipriani & Antonio Guarino, 2005. "Herd Behavior in a Laboratory Financial Market," Experimental, EconWPA 0502002, EconWPA.
  13. Huck, Steffen & Weizsacker, Georg, 2002. "Do players correctly estimate what others do? : Evidence of conservatism in beliefs," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 47(1), pages 71-85, January.
  14. Croson, Rachel T. A., 2000. "Thinking like a game theorist: factors affecting the frequency of equilibrium play," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 41(3), pages 299-314, March.
  15. Dorothea K¸bler & Georg Weizs”cker, 2004. "Limited Depth of Reasoning and Failure of Cascade Formation in the Laboratory," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 71(2), pages 425-441, 04.
  16. Plott, Charles & Hung, Angela, 1998. "Information Cascades: Replication and an Extension to Majority Rule and Conformity Rewarding Institutions," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 1051, California Institute of Technology, Division of the Humanities and Social Sciences.
  17. Johnson, Eric J. & Camerer, Colin & Sen, Sankar & Rymon, Talia, 2002. "Detecting Failures of Backward Induction: Monitoring Information Search in Sequential Bargaining," Journal of Economic Theory, Elsevier, Elsevier, vol. 104(1), pages 16-47, May.
  18. Marimon, Ramon & Sunder, Shyam, 1993. "Indeterminacy of Equilibria in a Hyperinflationary World: Experimental Evidence," Econometrica, Econometric Society, Econometric Society, vol. 61(5), pages 1073-107, September.
  19. Anderson, Lisa R & Holt, Charles A, 1997. "Information Cascades in the Laboratory," American Economic Review, American Economic Association, American Economic Association, vol. 87(5), pages 847-62, December.
  20. Miguel A. Costa-Gomes & Georg Weizsäcker, 2004. "Stated Beliefs and Play in Normal-Form Games," ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 0614, Institute of Social and Economic Research, Osaka University.
  21. Terrell, Dek, 1994. "A Test of the Gambler's Fallacy: Evidence from Pari-mutuel Games," Journal of Risk and Uncertainty, Springer, Springer, vol. 8(3), pages 309-17, May.
  22. Richard Mckelvey & Thomas Palfrey, 1998. "Quantal Response Equilibria for Extensive Form Games," Experimental Economics, Springer, Springer, vol. 1(1), pages 9-41, June.
  23. Colin F. Camerer & Teck-Hua Ho & Juin-Kuan Chong, 2004. "A Cognitive Hierarchy Model of Games," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 119(3), pages 861-898, August.
  24. Schnytzer, Adi & Shilony, Yuval, 1995. "Inside Information in a Betting Market," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 105(431), pages 963-71, July.
  25. Anthony Ziegelmeyer & Marie-HÈlËne Broihanne & FrÈdÈric Koessler, 2004. "Sequential Parimutuel Betting in the Laboratory," Journal of Risk and Uncertainty, Springer, Springer, vol. 28(2), pages 165-186, 03.
  26. Offerman, Theo & Sonnemans, Joep & Schram, Arthur, 1996. "Value Orientations, Expectations and Voluntary Contributions in Public Goods," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 106(437), pages 817-45, July.
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Cited by:
  1. Jianying Qiu, 2009. "Loss aversion and mental accounting: The favorite-longshot bias in parimutuel betting," Working Papers, Faculty of Economics and Statistics, University of Innsbruck 2009-15, Faculty of Economics and Statistics, University of Innsbruck.
  2. Frederic Koessler & Anthony Ziegelmeyer, 2004. "Parimutuel Betting under Asymmetric Information," Papers on Strategic Interaction, Max Planck Institute of Economics, Strategic Interaction Group 2003-34, Max Planck Institute of Economics, Strategic Interaction Group.

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