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dc.contributor.authorKajii, Atsushien
dc.contributor.authorWatanabe, Takahiroen
dc.date.accessioned2014-12-12T00:42:44Z-
dc.date.available2014-12-12T00:42:44Z-
dc.date.issued2014-12-
dc.identifier.urihttp://hdl.handle.net/2433/192279-
dc.description.abstractWe offer an evolutionary explanation for the favorite-longshot bias in pari-mutuel betting, in a simple evolutionary market model. Because of a positive track take, the expected returns of any strategy stay negative and so any agent must vanish in the long run. Those who bet on favorites lose steadily whereas those who favor long shots have some chances of getting ahead with rare but large gains to survive longer. This relative advantage results in overvaluation of long shots.en
dc.format.mimetypeapplication/pdf-
dc.language.isoeng-
dc.publisherInstitute of Economic Research, Kyoto Universityen
dc.publisher.alternative京都大学経済研究所ja
dc.subject.ndc330-
dc.titleFavorite-Longshot Bias in Parimutuel Betting: an Evolutionary Explanationen
dc.typeresearch report-
dc.type.niitypeResearch Paper-
dc.identifier.jtitleKIER Discussion Paperen
dc.identifier.volume907-
dc.textversionauthor-
dc.sortkey00907-
dcterms.accessRightsopen access-
Appears in Collections:KIER Discussion Paper (English)

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