Authors: Woodland B. M.; Woodland L. M.

Source: Applied Economics, Volume 31, Number 3, 1 March 1999 , pp. 337-345(9)

Publisher: Routledge, part of the Taylor & Francis Group

Abstract:

A subjective expected utility model is developed to explain the gambling behaviour of bettors on Major League Baseball games in the United States. Betting activity was examined over 15 seasons, for the period 1978 - 1992. The observed overbetting of favourite teams by baseball bettors can be reconciled without abandoning the traditional assumption of risk aversion. Additionally, there is some evidence to suggest that positive skewness has a discernible influence in the decision-making process for higher odds contests.

Language: English

Document Type: Research article

Publication date: 1999-03-01

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