Favorite-longshot bias in pari-mutuel betting: An evolutionary explanation
Favorite-longshot bias (FLB) refers to an observed tendency whereby “longshots” are overvalued and favorites are undervalued. We offer an evolutionary explanation for FLB in pari-mutuel betting using a simple market model. A bettor is forced to quit with some probability if his total net gain in one...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2017
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| Online Access: | https://ink.library.smu.edu.sg/soe_research/2082 https://ink.library.smu.edu.sg/context/soe_research/article/3082/viewcontent/1_s20_S0167268117301221_main.pdf |
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| Institution: | Singapore Management University |
| Language: | English |
