The Favorite/Long-Shot Bias and the House Money Effect in an Experimental Parimutuel Betting Market (notice n° 545271)
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| fixed length control field | 01576cam a2200181 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121113645.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Broihanne, Marie-Hélène |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | The Favorite/Long-Shot Bias and the House Money Effect in an Experimental Parimutuel Betting Market |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2005.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 62 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | This article studies the favorite/long-shot bias and the house money effect in a simple parimutuel betting market experiment. Bettors sequentially bet on one of two alternatives in an exogenous order, and the expected return of each alternative depends on the betting shares and on the common prior probability that the alternative is the correct one. Two experiments are implemented in the laboratory. In the first one subjects bet money that comes from the experimenter, whereas in the second one they bet money previously acquired after some effort. We observe the favorite/long-shot bias in the 40 repetitions of the experimental betting market in both experiments. Aggregate behavior in the two experiments differs only in the first few repetitions. A rank dependent expected utility model with imperfect forecast explains the favorite/long-shot bias and individual behavior in both experiments.Classification JEL: C72, C92, D84. |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Koessler, Frédéric |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Ziegelmeyer, Anthony |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue économique | 56 | 5 | 2005-12-01 | p. 1065-1087 | 0035-2764 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-economique-2005-5-page-1065?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-economique-2005-5-page-1065?lang=en&redirect-ssocas=7080</a> |
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