We describe how the presence of insiders with superior information about potential outcomes of sporting events affects odds set by bookmakers, using a generalized version of the model in Shin (1991). The model has been widely cited as an explanation for the pattern of favorite-longshot bias...

Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or similar) function. We tour 60 years of empirical search and conclude that no such functions have yet been found that are useful for out-of-sample prediction. Nor do we find...

Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or similar) function. We tour 60 years of empirical search and conclude that no such functions have yet been found that are useful for out-of-sample prediction. Nor do we find...

This paper assumes the role of advocatus diaboli by testing whether an investment in sin stocks can financially outperform an investment in socially responsible stocks. We create a set of global, regional, and domestic portfolios consisting of a large number of stocks belonging to what could be...

Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or similar) function. We tour 60 years of empirical search and conclude that no such functions have yet been found that are useful for out-of-sample prediction. Nor do we find...

Most theories of risky choice postulate that a decision maker maximizes the expectation of a Bernoulli (or utility or similar) function. We tour 60 years of empirical search and conclude that no such functions have yet been found that are useful for out-of-sample prediction. Nor do we find...

In this study we analyze the efficacy of cryptocurrencies as diversifiers in mitigating the dampening effects of COVID-19 on football clubs’ equities performance. Using data for 20 actively traded football clubs’ equities and top 10 cryptocurrencies, we compare the two asset groups both...

We seek to find the statistical model that most accurately describes empirically observed results in sports. The idea of a transitive relation concerning the team strengths is implemented by imposing a set of constraints on the outcome probabilities. We theoretically investigate the resulting...

We seek to find the statistical model that most accurately describes empirically observed results in sports. The idea of a transitive relation concerning the team strengths is implemented by imposing a set of constraints on the outcome probabilities. We theoretically investigate the resulting...