This 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.
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Paper provided by University of Southampton - Department of Accounting and Management Science in its series Papers with number
99-145.
Length: 40 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:sotoam:99-145
Contact details of provider: Postal: University of Southampton, Department of Accounting & Mangement Science, Southampton S09 5NH UK. Phone: 44 0173 592537/592555 Fax: 44 0173 593858 Email: Web page: http://www.soton.ac.uk/~econweb/ More information through EDIRC
Find related papers by JEL classification: D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty D60 - Microeconomics - - Welfare Economics - - - General
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