Social institutions are relatively stable patterns of behavior or joint action that help overcome fundamental problems and perform a function in society. The robustness of such institutions underlies their effectiveness at solving problems, but such robustness is difficult to assess. Building on...

This paper studies how national sentiment in the form of either a perception or a loyalty bias of bettors may affect pricing patterns on national wagering markets for international sport events. We show theoretically that both biases can be profitably exploited by bookmakers by way of price...

This paper studies how national sentiment in the form of either a perception or a loyalty bias of bettors may affect pricing patterns on national wagering markets for international sport events. We show theoretically that both biases can be profitably exploited by bookmakers by way of price...