| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4080 |
| DP4080 Auctions with Private Entry Costs | |
| Aner Sela; Todd Kaplan | |
| 发表日期 | 2003-10-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | According to the favorite-longshot bias observed in pari-mutuel betting, the final distribution of bets overestimates the winning chance of longshots. This Paper proposes an explanation of this bias based on late betting by small privately informed bettors. These bettors have an incentive to protect their private information and bet at the last minute, without knowing the bets simultaneously placed by the others. Once the distribution of bets is revealed, if bets are more informative than noisy, all bettors can recognize that the longshot is less likely to win than indicated by the distribution of bets. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Parimutuel betting Favourite-longshot bias Private information Timing |
| URL | https://cepr.org/publications/dp4080 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533056 |
| 推荐引用方式 GB/T 7714 | Aner Sela,Todd Kaplan. DP4080 Auctions with Private Entry Costs. 2003. |
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