relationship between a change in trend growth rates and forecast bias, as suggested in the literature, breaks down when only …

There have been many attempts, theoretical and empirical, to explain the persistence of a favorite-longshot bias in … a misperceptions of probability approach in line with prospect theory over a neoclassical approach of the Quandt (1986 … model used fails to allow for the existence of horse betting markets which either display no such bias (or a reverse bias …