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Parimutuel Betting Markets: Racetracks and Lotteries

Citations

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Cited by:

  1. Alexis Direr, 2013. "Are betting markets efficient? Evidence from European Football Championships," Applied Economics, Taylor & Francis Journals, vol. 45(3), pages 343-356, January.
  2. Richard Zeckhauser & Jayendu Patel & Darryll Hendricks, 1991. "Nonrational Actors and Financial Market Behavior," NBER Working Papers 3731, National Bureau of Economic Research, Inc.
  3. Wolfers, Justin & Zitzewitz, Eric, 2006. "Five Open Questions About Prediction Markets," CEPR Discussion Papers 5562, C.E.P.R. Discussion Papers.
  4. Colin F. Camerer, 1998. "Can Asset Markets Be Manipulated? A Field Experiment with Racetrack Betting," Journal of Political Economy, University of Chicago Press, vol. 106(3), pages 457-482, June.
  5. Kent Grote & Victor Matheson, 2011. "The Economics of Lotteries: A Survey of the Literature," Working Papers 1109, College of the Holy Cross, Department of Economics.
  6. Frédéric Koessler & Anthony Ziegelmeyer & Marie-Hélène Broihanne, 2003. "The Favorite-Longshot Bias in Sequential Parimutuel Betting with Non-Expected Utility Players," Theory and Decision, Springer, vol. 54(3), pages 231-248, May.
  7. Steven D. Levitt, 2003. "How Do Markets Function? An Empirical Analysis of Gambling on the National Football League," NBER Working Papers 9422, National Bureau of Economic Research, Inc.
  8. Russell Sobel & S. Travis Raines, 2003. "An examination of the empirical derivatives of the favourite-longshot bias in racetrack betting," Applied Economics, Taylor & Francis Journals, vol. 35(4), pages 371-385.
  9. Potters, J.J.M. & Wit, J., 1996. "Bets and Bids : Favorite-Longshot Bias and Winner's Curse," Discussion Paper 1996-04, Tilburg University, Center for Economic Research.
  10. Brocas, Isabelle & Carrillo, Juan D & Giga, Aleksandar & Zapatero, Fernando, 2016. "Skewness Seeking in a Dynamic Portfolio Choice Experiment," CEPR Discussion Papers 11056, C.E.P.R. Discussion Papers.
  11. Kent Grote & Victor Matheson, 2011. "The Economics of Lotteries: An Annotated Bibliography," Working Papers 1110, College of the Holy Cross, Department of Economics.
  12. Vernon L. Smith, 2003. "Constructivist and Ecological Rationality in Economics," American Economic Review, American Economic Association, vol. 93(3), pages 465-508, June.
  13. Kearney, Melissa Schettini, 2005. "State lotteries and consumer behavior," Journal of Public Economics, Elsevier, vol. 89(11-12), pages 2269-2299, December.
  14. Quitzau, Jörn, 2005. "Faktor Zufall als Spielverderber: zur Prognostizierbarkeit von Fußballergebnissen – Wettmärkte als effizienter Informationslieferant," Research Notes 18, Deutsche Bank Research.
  15. Hamza Bahaji, 2011. "Incentives from stock option grants: a behavioral approach," Post-Print halshs-00681607, HAL.
  16. John Peirson, 2008. "Expert Analysis and Insider Information in Horse Race Betting: Regulating Informed Market Behaviour," Studies in Economics 0819, School of Economics, University of Kent.
  17. Bali, Turan G. & Cakici, Nusret & Whitelaw, Robert F., 2011. "Maxing out: Stocks as lotteries and the cross-section of expected returns," Journal of Financial Economics, Elsevier, vol. 99(2), pages 427-446, February.
  18. Justin Wolfers & Eric Zitzewitz, 2004. "Prediction Markets," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 107-126, Spring.
  19. Les Coleman & Adi Schnytzer, 2008. "Shorting the Bear: A Test of Anecdotal Evidence of Insider Trading in Early Stages of the Sub-Prime Market Crisis," Journal of Prediction Markets, University of Buckingham Press, vol. 2(3), pages 61-69, December.
  20. Turan G. Bali & Nusret Cakici & Robert F. Whitelaw, 2009. "Maxing Out: Stocks as Lotteries and the Cross-Section of Expected Returns," NBER Working Papers 14804, National Bureau of Economic Research, Inc.
  21. Timothy J. Brailsford & Philip K. Gray & Stephen A. Easton & Stephen F. Gray, 1995. "The Efficiency of Australian Football Betting Markets," Australian Journal of Management, Australian School of Business, vol. 20(2), pages 167-195, December.
  22. Kurihara Kazutaka & Yohei Tutiya, 2018. "Efficiency in Micro-Behaviors and FL Bias," Papers 1805.04225, arXiv.org.
  23. Bill Woodland & Linda Woodland, 1999. "Expected utility, skewness, and the baseball betting market," Applied Economics, Taylor & Francis Journals, vol. 31(3), pages 337-345.
  24. Buhagiar, Ranier & Cortis, Dominic & Newall, Philip W.S., 2018. "Why do some soccer bettors lose more money than others?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 18(C), pages 85-93.
  25. Marco Ottaviani & Peter Norman Sørensen, 2009. "Surprised by the Parimutuel Odds?," American Economic Review, American Economic Association, vol. 99(5), pages 2129-2134, December.
  26. Leighton Vaughan Williams & David Paton, 1998. "Why are some favourite-longshot biases positive and others negative?," Applied Economics, Taylor & Francis Journals, vol. 30(11), pages 1505-1510.
  27. Steiner, Jakub & Stewart, Colin, 2014. "Perceiving Prospects Properly," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon TN 2015-39, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  28. Masahiro Ashiya, 2015. "Lock! Risk-Free Arbitrage in the Japanese Racetrack Betting Market," Journal of Sports Economics, , vol. 16(3), pages 322-330, April.
  29. Hurley, William & McDonough, Lawrence, 1996. "The favourite-longshot bias in parimutuel betting: A clarification of the explanation that bettors like to bet longshots," Economics Letters, Elsevier, vol. 52(3), pages 275-278, September.
  30. Steven Gjerstad, 2004. "Risk Aversion, Beliefs, and Prediction Market Equilibrium," Microeconomics 0411002, University Library of Munich, Germany.
  31. Angelini, Giovanni & De Angelis, Luca, 2019. "Efficiency of online football betting markets," International Journal of Forecasting, Elsevier, vol. 35(2), pages 712-721.
  32. Elaad, Guy & Reade, J. James & Singleton, Carl, 2020. "Information, prices and efficiency in an online betting market," Finance Research Letters, Elsevier, vol. 35(C).
  33. Quitzau, Jörn & Vöpel, Henning, 2009. "Der Faktor Zufall im Fußball: Eine empirische Untersuchung für die Saison 2007/08," HWWI Research Papers 1-22, Hamburg Institute of International Economics (HWWI).
  34. Frédéric Koessler & Charles Noussair & Anthony Ziegelmeyer, 2007. "Information Aggregation and Beliefs in Experimental Parimutuel Betting Markets," Papers on Strategic Interaction 2005-12, Max Planck Institute of Economics, Strategic Interaction Group.
  35. David Paton & Leighton Vaughan Williams, 2005. "Forecasting outcomes in spread betting markets: can bettors use 'quarbs' to beat the book?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 24(2), pages 139-154.
  36. Martin Kukuk & Stefan Winter, 2008. "An Alternative Explanation of the Favorite-Longshot Bias," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 2(2), pages 79-96, September.
  37. Swidler, Steve & Shaw, Ron, 1995. "Racetrack wagering and the "uninformed" bettor: A study of market efficiency," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(3), pages 305-314.
  38. Giovanni Angelini & Luca De Angelis & Carl Singleton, 2019. "Informational efficiency and behaviour within in-play prediction markets," Economics Discussion Papers em-dp2019-20, Department of Economics, University of Reading.
  39. Hamza Bahaji, 2011. "Incentives from stock option grants: a behavioral approach," Review of Accounting and Finance, Emerald Group Publishing, vol. 10(3), pages 200-227, August.
  40. Jakub Steiner & Colin Stewart, 2016. "Perceiving Prospects Properly," American Economic Review, American Economic Association, vol. 106(7), pages 1601-1631, July.
  41. Gerakos, Joseph & Lang, Mark & Maffett, Mark, 2013. "Post-listing performance and private sector regulation: The experience of London's Alternative Investment Market," Journal of Accounting and Economics, Elsevier, vol. 56(2), pages 189-215.
  42. Abel , Martin & Cole, Shawn & Zia, Bilal, 2015. "Debiasing on a roll: changing gambling behavior through experiential learning," Policy Research Working Paper Series 7195, The World Bank.
  43. Frederic Koessler & Ch. Noussair & A. Ziegelmeyer, 2005. "Individual Behavior and Beliefs in Experimental Parimutuel Betting Markets," THEMA Working Papers 2005-08, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  44. Marco Ottaviani & Peter Norman Sorensen, 2010. "Noise, Information, and the Favorite-Longshot Bias in Parimutuel Predictions," American Economic Journal: Microeconomics, American Economic Association, vol. 2(1), pages 58-85, February.
  45. Hwang, Joon Ho & Kim, Min-Su, 2015. "Misunderstanding of the binomial distribution, market inefficiency, and learning behavior: Evidence from an exotic sports betting market," European Journal of Operational Research, Elsevier, vol. 243(1), pages 333-344.
  46. Grant, Andrew & Johnstone, David & Kwon, Oh Kang, 2019. "The cost of capital in a prediction market," International Journal of Forecasting, Elsevier, vol. 35(1), pages 313-320.
  47. Anil Gulati & Shekar Shetty, 2007. "Empirical evidence of error in pricing of favorites and longshots in greyhound racing," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 31(1), pages 49-58, March.
  48. Hamza Bahaji, 2011. "Incentives from stock option grants: a behavioral approach," Post-Print halshs-00681611, HAL.
  49. Per Binde, 2005. "Gambling Across Cultures: Mapping Worldwide Occurrence and Learning from Ethnographic Comparison," International Gambling Studies, Taylor & Francis Journals, vol. 5(1), pages 1-27, June.
  50. Humphreys, Brad R. & Perez, Levi, 2013. "Syndicated play in lottery games," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 45(C), pages 124-131.
  51. Dixon, Mark J. & Pope, Peter F., 2004. "The value of statistical forecasts in the UK association football betting market," International Journal of Forecasting, Elsevier, vol. 20(4), pages 697-711.
  52. Erhan Bayraktar & Alexander Munk, 2016. "High-Roller Impact: A Large Generalized Game Model of Parimutuel Wagering," Papers 1605.03653, arXiv.org, revised Mar 2017.
  53. Marshall Gramm & Douglas Owens, 2005. "Determinants of betting market efficiency," Applied Economics Letters, Taylor & Francis Journals, vol. 12(3), pages 181-185.
  54. Enrico Diecidue & Jeroen Van De Ven, 2008. "Aspiration Level, Probability Of Success And Failure, And Expected Utility," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 49(2), pages 683-700, May.
  55. Siemroth, Christoph, 2014. "Why prediction markets work : the role of information acquisition and endogenous weighting," Working Papers 14-29, University of Mannheim, Department of Economics.
  56. Les Coleman, 2004. "New light on the longshot bias," Applied Economics, Taylor & Francis Journals, vol. 36(4), pages 315-326.
  57. Williams, Leighton Vaughan & Paton, David, 1997. "Why Is There a Favourite-Longshot Bias in British Racetrack Betting Markets?," Economic Journal, Royal Economic Society, vol. 107(440), pages 150-158, January.
  58. Ursula Hauser‐Rethaller & Ulrich König, 2002. "Parimutuel Lotteries: Gamblers' Behavior and the Demand for Tickets," German Economic Review, Verein für Socialpolitik, vol. 3(2), pages 223-245, May.
  59. Sathya Ramesh & Ragib Mostofa & Marco Bornstein & John Dobelman, 2019. "Beating the House: Identifying Inefficiencies in Sports Betting Markets," Papers 1910.08858, arXiv.org, revised Oct 2019.
  60. Ronald Peeters & Leonard Wolk, 2019. "Elicitation of expectations using Colonel Blotto," Experimental Economics, Springer;Economic Science Association, vol. 22(1), pages 268-288, March.
  61. William Hurley & Lawrence McDonough, 2007. "Imperfect Market-Maker Competition, Heterogeneous Expectations, and The Favourite-Longshot Bias in Wagering Markets," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 1(1), pages 3-12, February.
  62. Hauser, Ursula & Koenig, Ulrich & Krylova, Elizaveta, 2000. "Gamblers' Rationality in Parimutuel Soccer Betting," Economics Series 87, Institute for Advanced Studies.
  63. Les Coleman, 2007. "Just How Serious is Insider Trading? An Evaluation using Thoroughbred Wagering Markets," Journal of Gambling Business and Economics, University of Buckingham Press, vol. 1(1), pages 31-55, February.
  64. Stefan Winter & Martin Kukuk, 2008. "Do horses like vodka and sponging? - On market manipulation and the favourite-longshot bias," Applied Economics, Taylor & Francis Journals, vol. 40(1), pages 75-87.
  65. Paul Rhode & Koleman Strumpf, 2006. "Manipulating political stock markets: A field experiment and a century of observational data," Natural Field Experiments 00325, The Field Experiments Website.
  66. Paul W. Rhode & Koleman S. Strumpf, 2004. "Historical Presidential Betting Markets," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 127-141, Spring.
  67. Lionel Page & Robert T. Clemen, 2013. "Do Prediction Markets Produce Well‐Calibrated Probability Forecasts?-super-," Economic Journal, Royal Economic Society, vol. 123(568), pages 491-513, May.
  68. Anna Maffioletti & Michele Santoni, 2001. "Do trade union leaders violate subjective expected utility? Some insight from experimental data," Departmental Working Papers 2001-15, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
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