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Original Articles

Searching for the favourite-longshot bias down under: an examination of the New Zealand pari-mutuel betting market

Pages 1621-1629 | Published online: 05 Oct 2010

Keep up to date with the latest research on this topic with citation updates for this article.

Read on this site (8)

Jinook Jeong, Jee Young Kim & Yoon Jae Ro. (2019) On the efficiency of racetrack betting market: a new test for the favourite-longshot bias. Applied Economics 51:54, pages 5817-5828.
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Paul Geertsema & Christoph Rainer Schumacher. (2016) Parimutuel contests with strategic risk-sensitive bettors. Applied Economics 48:12, pages 1140-1158.
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Marshall Gramm, C. Nicholas McKinney & Douglas H. Owens. (2012) Efficiency and arbitrage across parimutuel wagering pools. Applied Economics 44:14, pages 1813-1822.
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Johnnie Johnson, Alistair Bruce & Jiejun Yu. (2010) The ordinal efficiency of betting markets: an exploded logit approach. Applied Economics 42:29, pages 3703-3709.
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Marshall Gramm & C. Nicholas McKinney. (2009) The effect of late money on betting market efficiency. Applied Economics Letters 16:4, pages 369-372.
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Stefan Winter & Martin Kukuk. (2008) Do horses like vodka and sponging?  – On market manipulation and the favourite-longshot bias. Applied Economics 40:1, pages 75-87.
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Les Coleman. (2004) New light on the longshot bias. Applied Economics 36:4, pages 315-326.
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J. M. Gandar, Richard A. Zuber, R. S. Johnson & W. Dare. (2002) Re-examining the betting market on Major League Baseball games: is there a reverse favourite-longshot bias?. Applied Economics 34:10, pages 1309-1317.
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Articles from other publishers (19)

Jeremy M. Losak, Andrew P. Weinbach & Rodney J. Paul. (2024) Does Smart Money Believe in the Hot Hand? Evidence From Daily Fantasy Baseball. American Behavioral Scientist.
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Ming-Chien Sung, David C.J. McDonald, Johnnie E.V. Johnson, Chung-Ching Tai & Eng-Tuck Cheah. (2019) Improving prediction market forecasts by detecting and correcting possible over-reaction to price movements. European Journal of Operational Research 272:1, pages 389-405.
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Niko Suhonen, Jani Saastamoinen, Tuomo Kainulainen & David Forrest. (2018) Is timing everything in horse betting? Bet amount, timing and bettors’ returns in pari-mutuel wagering markets. Economics Letters 173, pages 97-99.
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Ariane Charpin. (2018) Tests des modèles de décision en situation de risque. Revue économique Vol. 69:5, pages 779-803.
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Ranier Buhagiar, Dominic Cortis & Philip W.S. Newall. (2018) Why do some soccer bettors lose more money than others?. Journal of Behavioral and Experimental Finance 18, pages 85-93.
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Eberhard Feess, Helge Müller & Christoph Schumacher. (2014) The favorite-longshot bias and the impact of experience. Business Research 7:2, pages 217-234.
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M. SUNG & J. E. V. JOHNSON. (2009) Revealing Weak‐Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies. Economica 77:305, pages 128-147.
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Ming‐Chien Sung, Johnnie Eric Victor Johnson & Itiel E. Dror. (2008) Complexity as a guide to understanding decision bias: A contribution to the favorite‐longshot bias debate. Journal of Behavioral Decision Making 22:3, pages 318-337.
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ALISTAIR C. BRUCE, JOHNNIE E. V. JOHNSON, JOHN D. PEIRSON & JIEJUN YU. (2009) An Examination of the Determinants of Biased Behaviour in a Market for State Contingent Claims. Economica 76:302, pages 282-303.
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DAVID PEEL & DAVID LAW. (2009) A More General Non‐expected Utility Model as an Explanation of Gambling Outcomes for Individuals and Markets. Economica 76:302, pages 251-263.
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M. Sung & J.E.V. Johnson. 2008. Handbook of Sports and Lottery Markets. Handbook of Sports and Lottery Markets 275 306 .
Russell S. Sobel & Matt E. Ryan. 2008. Handbook of Sports and Lottery Markets. Handbook of Sports and Lottery Markets 137 160 .
Erik Snowberg & Justin Wolfers. 2008. Handbook of Sports and Lottery Markets. Handbook of Sports and Lottery Markets 103 136 .
Marshall Gramm, C. Nicholas McKinney, Douglas H. Owens & Matt E. Ryan. (2007) What Do Bettors Want? Determinants of Pari‐Mutuel Betting Preference. The American Journal of Economics and Sociology 66:3, pages 465-491.
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Marshall Gramm & Douglas H. Owens. (2006) Efficiency in Pari‐Mutuel Betting Markets across Wagering Pools in the Simulcast Era. Southern Economic Journal 72:4, pages 926-937.
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Leighton Vaughan Williams. 2009. Information Efficiency in Financial and Betting Markets. Information Efficiency in Financial and Betting Markets 84 122 .
Stefan Winter. (2007) Market Manipulation and the Favorite-Longshot Bias. SSRN Electronic Journal.
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Alexander K. Koch & Hui-Fai Shing. (2007) Bookmaker and Pari-Mutuel Betting: Is a (Reverse) Favourite-Longshot Bias Built-In?. SSRN Electronic Journal.
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Etan Green, Haksoo Lee & David M. Rothschild. (2018) The Favorite-Longshot Midas. SSRN Electronic Journal.
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