Schnytzer, Adi; Westreich, Sara - In: Journal of Gambling Business and Economics 7 (2013) 2, pp. 1-18
There have been many attempts, theoretical and empirical, to explain the persistence of a favorite-longshot bias in various horse betting markets. Most recently, Snowberg and Wolfers (2010) have shown that the data for the US markets support a “misperceptions of probability” approach in line...