Add to ORKGPrevious studies conclude that a favourite-longshot bias exists in win betting at horse race tracks and this is interpreted as risk-preferring behaviour. However, the statistical techniques used contain certain weaknesses, including the neglect of the necessary correlation between bet fractions which must sum to one in every race. We propose some classes of logit models to analyse the relationship between winning probabilities and the bet fractions. A simple logit model is proposed after going through a modelling process and. by Cox's test, it is preferred to previous models (Ali (1977) and Asch, Malkiel & Quandt (1984)). Empirical results are obtained for several racetracks in the U.S., Hong Kong, Japan and China. No strong conclusion for ...
The favourite longshot bias has become the central tendency of betting market research. Many researc...
In this paper we investigate the attitudes toward risk of bettors in British horse races. The model ...
This paper seeks to offer new insights into the behavioral origins of the 'favourite-longshot' bias ...
Racing data provides a rich source of analysis for quantitative researchers to study multi-entry com...
The problem discussed is estimating the probabilities of finishing order in a horse race based on si...
Racing data provides a rich source of analysis for quantitative researchers to study multi-entry com...
To predict ordering probabilities of a multi-entry comlpetition (e.g. horse race), two models have b...
SUMMARY To predict ordering probabilities of a multiple-entry competition (e.g. a horse-race), two ...
Empirical studies of horse race betting in the US, the UK, Australia, and Germany have empirically e...
SUMMARY A number of models have been examined for modelling probability based on rankings. Most prom...
Hausch et al. (HZR) (Hausch, D. B., W. T. Ziemba, M. Rubinstein. 1981. Efficiency of the market for ...
The article deals with the question, if odds derived from the behavior of bettors in a pari-mutuel s...
As a textbook model of contingent markets, horse races are an attractive environ-ment to study the a...
There have been many attempts, theoretical and empirical, to explain the persistence of a favorite-l...
This empirical and theoretical investigation into betting markets provides more evidence on the issu...
The favourite longshot bias has become the central tendency of betting market research. Many researc...
In this paper we investigate the attitudes toward risk of bettors in British horse races. The model ...
This paper seeks to offer new insights into the behavioral origins of the 'favourite-longshot' bias ...
Racing data provides a rich source of analysis for quantitative researchers to study multi-entry com...
The problem discussed is estimating the probabilities of finishing order in a horse race based on si...
Racing data provides a rich source of analysis for quantitative researchers to study multi-entry com...
To predict ordering probabilities of a multi-entry comlpetition (e.g. horse race), two models have b...
SUMMARY To predict ordering probabilities of a multiple-entry competition (e.g. a horse-race), two ...
Empirical studies of horse race betting in the US, the UK, Australia, and Germany have empirically e...
SUMMARY A number of models have been examined for modelling probability based on rankings. Most prom...
Hausch et al. (HZR) (Hausch, D. B., W. T. Ziemba, M. Rubinstein. 1981. Efficiency of the market for ...
The article deals with the question, if odds derived from the behavior of bettors in a pari-mutuel s...
As a textbook model of contingent markets, horse races are an attractive environ-ment to study the a...
There have been many attempts, theoretical and empirical, to explain the persistence of a favorite-l...
This empirical and theoretical investigation into betting markets provides more evidence on the issu...
The favourite longshot bias has become the central tendency of betting market research. Many researc...
In this paper we investigate the attitudes toward risk of bettors in British horse races. The model ...
This paper seeks to offer new insights into the behavioral origins of the 'favourite-longshot' bias ...