Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?
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The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates of the probability of a horse winning--longshots are overbet, while favorites are underbet. Neoclassical explanations of this phenomenon focus on rational gamblers who overbet
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美国国家经济研究局创建时间：
2010-04-01
