Economics of Betting Markets

ISBN-13: 9780415847261 / Angielski / Miękka / 2014 / 130 str.

R. David Peel

Opis

This text addresses the issues raised by the continued growth of the gambling sector. It brings together work which addresses the economic impact of the huge growth of commercial gambling in the Western world, as well as trying to model the cognitive processes which can explain why individuals are prepared to behave in such apparently irrational ways. This book was published as a special issue of 'Applied Economics'.

Spis treści

1. Introduction: economics of betting markets  D. A. Peel  2. Bounded cumulative prospect theory: some implications for gambling outcomes  Michael Cain,  David Law and David A. Peel  3. The Markowitz model of utility supplemented with a small degree of probability distortion as an explanation of outcomes of Allais experiments over large and small payoffs and gambling on unlikely outcomes  D. A. Peel, Jie Zhang and D. Law  4. Why people choose negative expected return assets - an empirical examination of a utility theoretic explanation  N. Bhattacharya and T. A. Garrett  5. The relative regressivity of seven lottery games  Kathryn L. Combs, Jaebeom Kim and John A. Spry  6. Risk attitudes in large stake gambles: evidence from a game show  Cary Deck, Jungmin Lee and Javier Reyes  7. Measuring displacement effects across gaming products: a study of Australian gambling markets  Lisa Farrell and David Forrest  8. The economics of casino taxation  Hasret Benar and Glenn P. Jenkins  9. Do horses like vodka and sponging? - On market manipulation and the favourite-longshot bias  Stefan Winter and Martin Kukuk  10. The efficiency of exotic wagers in racetrack betting  Marshall Gramm, C. Nicholas McKinney and Douglas H. Owens  11. Predicting bookmaker odds and efficiency for UK football  I. Graham and H. Stott  12. Nonlinear modelling of European football scores using support vector machines  Nikolaos Vlastakis, George Dotsis and Raphael N. Markellos  13. Sentiment in the betting market on Spanish football  David Forrest and Robert Simmons

O autorze

David Peel is a Professor in Economics at Lancaster University Management School. He has held previous posts at the University of Liverpool, Aberystwyth and University of Cardiff. Professor Peel has published widely on empirical and theoretical issues in macroeconomics and the economics of gambling markets.