Cain, Michael; Law, David; Peel, David - In: Bulletin of Economic Research 55 (2003) 3, pp. 263-273
This paper verifies the existence of the favourite-longshot bias in a variety of sports betting markets where odds are set by bookmakers, but the precise pattern of the bias is not identical. Evidence is found to support a central prediction of the Shin (1993) model, which asserts that...