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Applied Economics Letters Volume 23, 2016 - Issue 8
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Original Articles

Game, set and match: the favourite-long shot bias in tennis betting exchanges

Isabel AbinzanoPublic University of Navarre, Pamplona, SpainView further author information
,
Luis MugaPublic University of Navarre, Pamplona, SpainCorrespondence[email protected]
View further author information
&
Rafael SantamariaPublic University of Navarre, Pamplona, SpainView further author information
Pages 605-608 | Published online: 23 Sep 2015

References

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  • Easley, D., and M. O’Hara. 1987. “Price, Trade, Size and Information in Securities Markets.” Journal of Financial Economics 19: 69–90. doi:10.1016/0304-405X(87)90029-8.
  • Forrest, D., and I. McHale. 2007. “Anyone for Tennis (Betting)?” The European Journal of Finance 13: 751–768. doi:10.1080/13518470701705736.
  • Franck, E. P., E. Verbeek, and S. Nüesch. 2010. “Prediction Accuracy of Different Market Structures - Bookmakers Versus a Betting Exchange.” International Journal of Forecasting 26: 448–459. doi:10.1016/j.ijforecast.2010.01.004.
  • Franck, E. P., E. Verbeek, and S. Nüesch. 2013. “Inter-Market Arbitrage in Betting.” Economica 80: 300–325. doi:10.1111/ecca.2013.80.issue-318.
  • Gandhi, A., and R. Serrano-Padial. 2015. “Does Belief Heterogeneity Explain Asset Prices: The Case of the Longshot Bias.” The Review of Economic Studies 82: 156–186. doi:10.1093/restud/rdu017.
  • Hurley, W., and L. McDonough. 1995. “A Note on the Hayek Hypothesis and the Favourite-Longshot Bias in Pari-Mutuel Betting.” American Economic Review 85: 949–955.
  • Kock, A. K., and H. F. Shing. 2008. “Bookmaker and Pari-Mutuel Betting: Is a (Reverse) Favourite-Longshot Bias Built-In?” The Journal of Prediction Markets 2: 29–52.
  • Lahvička, J. 2014. “What Causes the Favourite-Longshot Bias? Further Evidence from Tennis.” Applied Economics Letters 21: 90–92. doi:10.1080/13504851.2013.842628.
  • Makropoulou, V., and R. N. Markellos. 2011. “Optimal Price Setting in Fixed-Oddsbetting Markets under Information Uncertainty.” Scottish Journal of Political Economy 58: 519–536. doi:10.1111/sjpe.2011.58.issue-4.
  • Rossi, M. 2011. “Match Rigging and the Favorite Longshot Bias in the Italian Football Betting Market.” International Journal of Sport Finance 6: 317–334.
  • Snowberg, E., and J. Wolfers. 2010. “Explaining the Favorite-Long Shot Bias: Is it Risk-Love or Misperceptions?” The Journal of Political Economy 118: 723–746. doi:10.1086/655844.
  • Tversky, A., and D. Kahneman. 1992. “Advances in Prospect Theory: Cumulative Representation of Uncertainty.” Journal of Risk and Uncertainty 5: 297–323. doi:10.1007/BF00122574.
  • White, H. 1980. “A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity.” Econometrica 48: 817–838. doi:10.2307/1912934.

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