Forrest, David; Mchale, Ian - In: The European Journal of Finance 13 (2007) 8, pp. 751-768
The most robust anomaly noted in the literature on wagering markets is (positive) longshot bias: over a period of 50 years, it has been well documented in horse betting that higher expected returns accrue to short- than to long-odds bets. However, a few examples of betting markets with zero or...