Economics of Betting Markets

NOTE EDITORE

During the last few decades, commercial gambling has increased substantially throughout the Western world. More people than ever before have access to sources of legalised gambling, leading to bumper revenues for the institutions involved. Naturally enough, this has led to an increased interest in the area of the economics of betting. This bookaddresses the issues raised by the continued growth of the gambling sector. How can we model the behaviour of people who seemingly act irrationally? What are the implications of different tax policies with regard to gambling? Are casinos capable of taking money away from state-run lotteries and the causes they fund? Can bookmakers’ odds be influenced in such a way as to make the gambling market inefficient? The authors in this volume provide insights based on data from many different countries, including England, the USA, Australia, Spain and Cyprus. This volume 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 publishedasaspecial issue ofApplied Economics. The academic editor of this journal is Mark P. Taylor.

SOMMARIO

1. Introduction: economics of betting markets D. A. Peel 2. Bounded cumulative prospect theory: some implications for gambling outcomes Michael Cain, David Law andDavid 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 outcomesD. A. Peel, Jie Zhang andD. Law 4. Why people choose negative expected return assets - an empirical examination of a utility theoretic explanationN. Bhattacharya andT. A. Garrett 5. The relative regressivity of seven lottery gamesKathryn L. Combs,Jaebeom Kim andJohn A. Spry 6. Risk attitudes in large stake gambles: evidence from a game showCary Deck, Jungmin Lee andJavier Reyes 7. Measuring displacement effects across gaming products: a study of Australian gambling marketsLisa Farrell andDavid Forrest 8. The economics of casino taxationHasret Benar andGlenn P. Jenkins 9. Do horses like vodka and sponging? - On market manipulation and the favourite-longshot biasStefan Winter andMartin Kukuk 10. The efficiency of exotic wagers in racetrack bettingMarshall Gramm, C. Nicholas McKinney andDouglas H. Owens 11. Predicting bookmaker odds and efficiency for UK footballI. Graham and H. Stott 12. Nonlinear modelling of European football scores using support vector machines Nikolaos Vlastakis, George Dotsis andRaphael N. Markellos 13. Sentiment in the betting market on Spanish footballDavid Forrest and Robert Simmons

AUTORE

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.

ALTRE INFORMAZIONI

• Condizione: Nuovo
• ISBN: 9780415557306
• Dimensioni: 11 x 8.5 in Ø 1.25 lb
• Formato: Copertina rigida
• Pagine Arabe: 124
• Pagine Romane: vi