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Essays in Economics: Evidence from O...

Andrikogiannopoulou, Anastasia-Angeliki.

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Essays in Economics: Evidence from Online Sports Gambling.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Essays in Economics: Evidence from Online Sports Gambling./
作者:	Andrikogiannopoulou, Anastasia-Angeliki.
面頁冊數:	153 p.
附註:	Source: Dissertation Abstracts International, Volume: 72-09, Section: A, page: .
Contained By:	Dissertation Abstracts International72-09A.
標題:	Economics, Finance. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3459196
ISBN:	9781124681191

Essays in Economics: Evidence from Online Sports Gambling.
Andrikogiannopoulou, Anastasia-Angeliki.

Essays in Economics: Evidence from Online Sports Gambling. - 153 p.

Source: Dissertation Abstracts International, Volume: 72-09, Section: A, page: .

Thesis (Ph.D.)--Princeton University, 2011.

This dissertation utilizes a unique panel dataset of betting activity in an online sportsbook, to examine various issues that are of interest to economics and finance.

ISBN: 9781124681191Subjects--Topical Terms:

626650
Economics, Finance.

Essays in Economics: Evidence from Online Sports Gambling.
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245 1 0 $a Essays in Economics: Evidence from Online Sports Gambling.
300 $a 153 p.
500 $a Source: Dissertation Abstracts International, Volume: 72-09, Section: A, page: .
500 $a Adviser: Hyun Song Shin.
502 $a Thesis (Ph.D.)--Princeton University, 2011.
520 $a This dissertation utilizes a unique panel dataset of betting activity in an online sportsbook, to examine various issues that are of interest to economics and finance.
520 $a The first chapter, entitled "Estimating Risk Preferences from a Large Panel of Real-World Betting Choices", focuses on the empirical investigation of individual decision-making under risk. I develop an econometric model that accounts for individual heterogeneity in preferences within the cumulative prospect theory (CPT) developed by Tversky and Kahneman (1992). The panel aspect of the dataset allows me to estimate the prospect theory parameters, i.e. utility curvature, loss aversion and probability weighting parameters, with accuracy at the individual bettor level. The results indicate that the average bettor has a value function that is mildly concave (convex) over gains (losses), with a pronounced kink at the origin. Probability weighting is mild, matching the empirical observation that bettors favor lotteries with medium positive skewness but reject the multitude of very positively-skewed lotteries available in the sportsbook. Substantial heterogeneity is present in all utility parameters, suggesting that focusing on average behavior may lead to biased conclusions. In particular, the correlation among utility parameters indicates that CPT agents could be classified into two discrete types: those whose choices are fully characterized by CPT and those acting as expected value maximizers. My estimates are robust to the presence of partial heterogeneity in bettors' beliefs with respect to the win probabilities, accounting for individual- and event-specific optimism, skill/information and/or mistakes.
520 $a The second chapter (co-authored with Filippos Papakonstantinou), entitled "State-Dependence: Evidence from Online Sports Gambling", examines whether individual preferences are state-dependent. Our econometric model accounts for individual heterogeneity in all utility parameters within a dynamic version of CPT. We find that the null hypothesis of no state-dependence is rejected for the majority of bettors. In particular, the following forces seem to govern individuals' dynamic choice behavior. First, the reference point that separates gains from losses does not update completely to reflect prior bet outcomes but rather is "sticky". In addition, loss aversion increases (decreases) after prior gains (losses), while for a substantial portion of bettors the curvature of the value function is positively related to past betting performance. We also find considerable heterogeneity across individuals in all parameters.
520 $a Methodologically, the first two chapters employ a discrete choice framework and estimate a multinomial mixed logit model using Bayesian econometrics.
520 $a In the third chapter (co-authored with Filippos Papakonstantinou), entitled "An Individual-Level Analysis of Behavioral Biases in Sports Gambling", we use both aggregate- and individual-level data from the soccer wagering market to examine whether the prices set by bookmakers on a large number of soccer events are efficient, as well as the extent to which individuals are affected by inefficiencies or contribute to their formation. We find evidence of a mild systematic bias in this market, in particular the favorite-longshot bias (FLB), i.e. bettors' tendency to underbet (overbet) outcomes with short (long) odds. We find that the bias is mainly driven by an underbetting of favorite home and away teams, and an overbetting of longshot draw outcomes. The analysis of individual-level returns indicates that, contrary to the common perception that the majority (or totality) of bettors suffer from the FLB, only 6% of the bettors in the sample systematically bet on biased longshot odds, while 2% of bettors possibly exploit the bias and earn significantly positive returns from betting on favorites. Finally, we find that about 4% of the bettors may suffer from a "home bias" which manifests itself as an overbetting of their home-area team.
590 $a School code: 0181.
650 4 $a Economics, Finance. $3 626650
650 4 $a Web Studies. $3 1026830
650 4 $a Recreation. $3 535376
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710 2 $a Princeton University. $3 645579
773 0 $t Dissertation Abstracts International $g 72-09A.
790 1 0 $a Shin, Hyun Song, $e advisor
790 $a 0181
791 $a Ph.D.
792 $a 2011
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3459196