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Painful regret and elation at the track
Schnytzer, Adi; Luppi, Barbara - 2008
asymmetry. Chen et al (2006) show that capuchin monkeys display biases when faced with gambles, including loss aversion, and …
Persistent link: https://www.econbiz.de/10010335968
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To what extent do investors in a financial market anchor their judgments? Evidence from the Hong Kong horserace betting market
Johnson, Johnnie E.V.; Liu, Shuang; Schnytzer, Adi - 2011
This paper explores the use of the anchoring and adjustment heuristic by decision makers in a financial market; in particular, the degree to which horserace bettors anchor their probability judgments on the advantage afforded by a horse's barrier-position. The results suggest that under certain...
Persistent link: https://www.econbiz.de/10010335964
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A general index of inherent risk
Schnytzer, Adi; Westreich, Sara - 2009
We extend the pioneering work of Aumann and Serrano by presenting an index of inherent riskiness of a gamble having the desirable properties of their index, while being applicable to gambles with either positive or negative expectations. As such, our index provides a measure of riskiness which...
Persistent link: https://www.econbiz.de/10010336009
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Gambling and the use of credit: an individual and household level analysis
Brown, Sarah; Dickerson, Andy; McHardy, Jolian; Taylor, Karl - 2010
We explore the relationship between gambling and other forms of risk-taking behaviour, i.e. exposure to debt and the … Expenditure and Food Surveys (EFS), 2001 to 2007. Gambling and the use of credit are shown to be positively correlated at the … household level. While both the incidence and amount of gambling vary according to household income, the positive association …
Persistent link: https://www.econbiz.de/10010271301
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Information and attitudes to risk at the track
Schnytzer, Adi; Westreich, Sara - 2011
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 with...
Persistent link: https://www.econbiz.de/10010335979
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Measuring the extent of inside trading in horse betting markets
Schnytzer, Adi; Lamers, Martien; Makropoulou, Vasiliki - 2008
This paper develops a theoretical model that examines the optimal price setting by on-course bookmakers in the racetrack betting market. The model suggests that opening prices should include a premium that compensates bookmakers for the risk that insiders will account for private information and...
Persistent link: https://www.econbiz.de/10010336026
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Herding in imperfect betting markets with inside traders
Schnytzer, Adi; Snir, Avichai - 2007
Herding is often considered as a phenomenon that drives prices of risky assets away from their equilibrium levels. In this paper we study the on-course UK and Australian horse betting markets. These are simple examples of imperfect markets for state-contingent assets. We provide strong evidence...
Persistent link: https://www.econbiz.de/10010336033
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The impact of insider trading on forecasting in a bookmakers' horse betting market
Schnytzer, Adi; Lamers, Martien; Makropoulou, Vasiliki - 2009
This paper uses a new variable based on estimates of insider trading to forecast the outcome of horse races. We base our analysis on Schnytzer, Lamers and Makropoulou (2008) who showed that inside trading in the 1997-1998 Australian racetrack betting market represents somewhere between 20 and 30...
Persistent link: https://www.econbiz.de/10010336039
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The impact of insider trading on forecasting in a bookmakers' horse betting market
Schnytzer, Adi; Lamers, Martien; Makropoulou, Vasiliki - 2008
This paper considers the impact of insider trading on forecasting in a betting market when prices are set by bookmakers. We base our analysis on Schnytzer, Lamers and Makropoulou (2008) who showed that inside trading in the 1997-1998 Australian racetrack betting market represents somewhere...
Persistent link: https://www.econbiz.de/10010336069
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SP betting as a self-enforcing implicit cartel
Schnytzer, Adi; Snir, Avichai - 2007
set by on-course bookies for that horse. Given the oligopolistic structure of the off-course gambling market in the UK, a …
Persistent link: https://www.econbiz.de/10010336071