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@article{ Winter2008, title = {Do horses like vodka and sponging? On market manipulation and the favourite-longshot bias}, author = {Winter, Stefan and Kukuk, Martin}, journal = {Applied Economics}, number = {1}, pages = {75-87}, volume = {40}, year = {2008}, doi = {https://doi.org/10.1080/00036840701731538}, urn = {https://nbn-resolving.org/urn:nbn:de:0168-ssoar-242831}, abstract = {One of the most striking empirical patterns of horse race betting markets is the favorite-longshot bias: Bets on favorites have dramatically higher expected returns than bets on longshots. The literature offers a couple of different, though not mutually exclusive, explanations based on risk preferences and probability perceptions. This article adds a new possible explanation: The favorite-longshot bias may be the rational answer of an honest audience to a simple, but highly lucrative cheating opportunity of insiders. We provide anecdotal evidence that the type of cheating we model here really takes place. What is more, by employing a large scale German data set we are able to demonstrate that the pattern of the favourite-longshot bias changes as the opportunity of cheating vanishes. The changes we observe are in accord with the cheating model we suggest.}, keywords = {gambling; Schätzung; Glücksspiel; estimation}}