Pari-mutuel odds for longshots in UK horseraces exceed those offered by bookmakers. This effect is less for winning compared to losing horses and is explained by informed gamblers betting disproportionately with the pari-mutuel on winning horses.

In this paper, we analyse the gap between present transport prices and efficient transport prices. Efficient transport prices are those prices that maximise economic welfare, including external costs (congestion, air pollution, accidents). The methodology is applied to six urban and...

In this paper we analyse the gap between present transport prices and efficient transport prices. Efficient transport prices are those prices that maximise economic welfare, including external costs (congestion, air pollution, accidents). The methodology is applied to six urban and interregional...