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100			_aOttaviani , Marco
245		0	_aNoise, Information, and the Favorite-Longshot Bias in Parimutuel Predictions
300			_app.39-57
520			_aAccording to the favorite-longshot bias, the expected return on an outcome tends to increase in the fraction of bets laid on that outcome. We derive testable implications for the direction and extent of the bias depending on the ratio of private information to noise present in the market. We link this ratio to observables such as the number of bettors, the number of outcomes, the amount of private information, the level of participation generated by recreational interest in the event, the divisibility of bets, the presence of ex post noise, as well as ex ante asymmetries across outcomes.
562			_e0
650			_aINFORMACION ECONOMICA
773			_0122685 _aAmerican Economic Journal Macroeconomics - Vol.2 No.1
942			_cSART
999			_c122687 _d122687