Football Betting As A Cyclical Learning Process
AbstractBased on the well established result of probability matching, we explore in this paper to what extent soccer bettors adjust their behavior taking into account the new relevant information provided by the market. We test empirically the existence of a learning process using the Quiniela bettors’ performance, the Spanish soccer betting game, for the period 1970-2000. Empirical results suggest that there is a progressive improvement in the bettors' performance attributable to the learning process. The other remaining explanatory variables follow the expected behavior.
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Bibliographic InfoPaper provided by School of Economics and Business Administration, University of Navarra in its series Faculty Working Papers with number 05/09.
Length: 32 pages
Date of creation: 27 Sep 2009
Date of revision:
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Web page: http://www.unav.es/facultad/econom
betting market; learning process; soccer; Quiniela;
Find related papers by JEL classification:
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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