Economics of Betting Markets

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.

• 1. Introduction: economics of betting markets D. A. Peel 2. Bounded cumulative prospect theory: some implications for gambling outcomes Michael Cain, David Law and David 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 outcomes D. A. Peel, Jie Zhang and D. Law 4. Why people choose negative expected return assets - an empirical examination of a utility theoretic explanation N. Bhattacharya and T. A. Garrett 5. The relative regressivity of seven lottery games Kathryn L. Combs, Jaebeom Kim and John A. Spry 6. Risk attitudes in large stake gambles: evidence from a game show Cary Deck, Jungmin Lee and Javier Reyes 7. Measuring displacement effects across gaming products: a study of Australian gambling markets Lisa Farrell and David Forrest 8. The economics of casino taxation Hasret Benar and Glenn P. Jenkins 9. Do horses like vodka and sponging? - On market manipulation and the favourite-longshot bias Stefan Winter and Martin Kukuk 10. The efficiency of exotic wagers in racetrack betting Marshall Gramm, C. Nicholas McKinney and Douglas H. Owens 11. Predicting bookmaker odds and efficiency for UK football I. Graham and H. Stott 12. Nonlinear modelling of European football scores using support vector machines Nikolaos Vlastakis, George Dotsis and Raphael N. Markellos 13. Sentiment in the betting market on Spanish football David Forrest and Robert Simmons