Newall, Philip W. S.; Cortis, Dominic - In: Risks : open access journal 9 (2021) 1/22, pp. 1-9
A large body of literature on the favorite-longshot bias finds that sports bettors in a variety of markets appear to have irrational biases toward either longshots (which offer a small chance of winning a large amount of money) or favorites (which offer a high chance of winning a small amount of...