A Cyclical Learning Process Under Uncertainty - The Spanish Soccer Betting Game Evidence
29 Pages Posted: 6 May 2008
Abstract
Based on the well established result of probability matching, we explore in this paper to what extent soccer bettors adjust their behavior taking into account the new relevant information provided by the market. We test empirically the existence of a learning process using the Quiniela bettors' performance, the Spanish soccer betting game, for the period 1970-2000. Empirical results suggest that there is a progressive improvement in the bettors' performance attributable to the learning process. The other remaining explanatory variables follow the expected behavior.
Keywords: betting market, learning process, soccer, Quiniela
JEL Classification: D83, L83, D81
Suggested Citation: Suggested Citation
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