The DOI matches its Crossref record.
Odds Adjustments by American Horse-Race Bettors
Abstract
In horse-race betting, the odds on the various horses in any race are a functioning of the proportion of the total money that is bet on each and hence are socially determined. On the other hand, the objective probability for winners from any group of horses is given a posteriori by the percentage of winners. Thus the odds express (reciprocally) a psychological probability while the percentage of winners at any odds group measures the true probability; any consistent discrepancy between the two may cast light not only on the specific topics of horse-race betting and gambling but on the more general field of the psychology of probabilities…
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Citations
Cited by
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Slovic, P., Finucane, M., Peters, E., & MacGregor, D. G. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.025 · Cited by 2,349
“Clinical versus Actuarial Judgment.”
Dawes, R. M., Faust, D., & Meehl, P. E. (1989) · Science · doi:10.1126/science.2648573 · Cited by 2,298
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Gilovich, T., Vallone, R., & Tversky, A. (1985) · Cognitive Psychology · doi:10.1016/0010-0285(85)90010-6 · Cited by 1,649
Support theory: a nonextensional representation of subjective probability
Tversky, A., & Koehler, D. J. (1994) · Psychological Review · doi:10.1037/0033-295x.101.4.547 · Cited by 1,167
Dunning, D., Meyerowitz, J. A., & Holzberg, A. D. (1989) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.57.6.1082 · Cited by 758
Mental Contamination and the Debiasing Problem
Wilson, T. D., Centerbar, D. B., & Brekke, N. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.012 · Cited by 160
The calibration of expert judgment: heuristics and biases beyond the laboratory
Koehler, D. J., Brenner, L., & Griffin, D. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.041 · Cited by 146
Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?
Snowberg, E., & Wolfers, J. (2010) · doi:10.3386/w15923 · Cited by 44
Are Sports Bettors Biased toward Longshots, Favorites, or Both? A Literature Review
Newall, P. W. S., & Cortis, D. (2021) · Risks · doi:10.3390/risks9010022 · Cited by 14
Metadata
- Authors
- Griffith, R. M.
- Venue
- The American Journal of Psychology
- Publisher
- University of Illinois Press
- Published
- 1949-04
- Volume
- 62
- Issue
- 2
- Pages
- 290
- ISSN
- 0002-9556 (ISSN-L)
- OpenAlex
- W2331092289
- Cited by
- 305
- References
- 0
- FWCI
- 0.00
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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