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- Title
Biases in Assessments of Probabilities: New Evidence from Greyhound Races.
- Authors
Terrell, Dek
- Abstract
This paper investigates biases in the perceptions of probabilities using data from the 1989 and 1994 seasons at the Woodlands greyhound park in Kansas City, Kansas. Results reveal consistent evidence that the gambler's fallacy exists. The results also reveal that gamblers overestimate the probability of a win by the favorite and the dog in the "lucky" seven position. However, the comparison also suggests some learning by bettors between the first season of operation in 1989 and the 1994 season.
- Subjects
STATISTICAL correlation; LEAST squares; PROBABILITY theory; REGRESSION analysis; RACING greyhound; GREYHOUNDS
- Publication
Journal of Risk & Uncertainty, 1998, Vol 17, Issue 2, p151
- ISSN
0895-5646
- Publication type
Article
- DOI
10.1023/A:1007771613236