This paper explores differences in market ecology in a speculative financial market, the horserace betting market, and examines the impact these variations have on the information which returns seeking bettors need to incorporate in their subjective probability estimates. Conditional logit...

This paper explores the extent to which decision makers in a naturalistic environment, the Hong Kong horserace betting market, anchor their probability judgments on highly visible information and make insufficient adjustments in the light of additional data. Linear regression and conditional...