The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates of the probability of a horse winning - longshots are overbet, while favorites are underbet. Neoclassical explanations of this phenomenon focus on rational gamblers who overbet...

Many households have insufficient savings to handle moderate and routine consumption shocks. Many of these financially fragile households also have the highest lottery expenditures as a proportion of income. This combination suggests that Prize-Linked Savings (PLS) accounts, that combine...

We examine the impact of legalized casino gambling, including Indian casinos, on crime. Using county-level data between 1994 and 2009, the impact that casino legalization had on crime is examined. Our results show an increase in crime associated with casinos in some circumstances, but not...

This paper studies the long‐term impact of societal socialization on values using the example of doping behavior in sports. We apply the German Reunification Approach to the microcosm of Berlin and exploit its 40‐year long division into a capitalist and a communist sector. We deliberately...

The relevance of sunk costs in decision making is one of the major sources of disagreement between neoclassical economists and behavioral economists. We test the importance of sunk costs by examining the role of a player's draft position on his playing time in the National Basketball...

Based on a unique composite dataset measuring heterogeneous sports participation, labour market outcomes and local facilities provision, this paper examines for the first time the association between different types of sports participation on employment and earnings in England. Clear...

Research in the field of customer discrimination has received relatively little attention even if the theory of discrimination suggests that customer discrimination may exist in the long run whereas employer and employee discrimination may not. This paper examines customer discrimination...

In this paper I explore the flexibility of the work week in the United States, using the FIFA Soccer World Cup as a natural experiment. My empirical strategy exploits the exogenous variation that arises due to which country hosts the World Cup, as this will determine the time games are broadcast...

This paper uses data from nine tennis Grand Slam tournaments played between 2005 and 2007 to assess whether men and women respond differently to competitive pressure in a setting with large monetary rewards. In particular, it asks whether the quality of the game deteriorates as the stakes become...

Are people prone to selecting occupations with highly skewed income distributions despite minuscule chances of success? Assembling a comprehensive pool of potential teenage entrants into professional tennis (a typical winner-take-all market), we construct objective measures of relative ability...