Bruce, Alistair, Johnson, Johnnie E. V., Peirson, John D., Yu, Jiejun (2009) An Examination of the Determinants of Biased Behaviour in a Market for State Contingent Claims. Economica, 76 (302). pp. 282-303. ISSN 1468-0335. (doi:10.1111/j.1468-0335.2008.00741.x) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:40547)
| The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. | |
| Official URL: http://dx.doi.org/10.1111/j.1468-0335.2008.00741.x |
Abstract
We develop a model to explain the differential incidence of the favourite–longshot bias in parallel sectors of the pari-mutuel horserace betting market. Hypotheses are derived from the model and these are tested, using UK data, to explore the origins of the bias. Significant variations in the bias are discovered between market sectors on- and off-racetrack. These results shed light on competing demand-side explanations for the favourite–longshot bias and suggest that it is affected by a combination of behavioural and operational features of the markets and the types of bettors (informed and leisure) which they attract.
| Item Type: | Article |
|---|---|
| DOI/Identification number: | 10.1111/j.1468-0335.2008.00741.x |
| Additional information: | number of additional authors: 3; |
| Subjects: | H Social Sciences > HB Economic Theory |
| Divisions: | Divisions > Division of Human and Social Sciences > School of Economics |
| Depositing User: | Stewart Brownrigg |
| Date Deposited: | 07 Mar 2014 00:05 UTC |
| Last Modified: | 05 Nov 2024 10:24 UTC |
| Resource URI: | https://kar.kent.ac.uk/id/eprint/40547 (The current URI for this page, for reference purposes) |
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