We introduce a model of tourism choice where we consider that the choice of a tourism resort by a tourist, depends not only on the characteristics of the product offered by the resort but depends also on certain characteristics - crowding types - of the other tourists that have chosen the same...

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'...

We generalize the Tullock Contest Success Function to allow for ties by introducing a tie-proneness parameter to account for the degree of the importance of ties in the contest. The probability of a tie reaches a maximum when the contestants provide similar efforts and it is increasing in the...

In 1992, Congress passed the Professional and Amateur Sports Protection Act (PASPA), a statute designed to prevent the further spread of state-sponsored sports-wagering. The statute’s language has the effect of granting a property right to sports leagues, implicating the Constitution’s...

We test for the existence of Favorite-Longshot Bias (FLB) in tennis betting exchanges. Despite these being order-driven markets, with no direct participation from bookmakers, we have found very similar results to those obtained by Lahvicka (2014) for betting markets: the bias is stronger in...

A simple decision theoretic model shows the doping incentives for a member of a professional sports team. Depending on the detection probability and the punishment, a sportsman dopes not at all, at a medium or at the maximal level. The whole team has a higher incentive than an individual team...

Economic models predict that “superstar” players generate externalities that increase attendance and other revenue sources beyond their individual contributions to team success. We investigate the effect of superstar players on individual game attendance at National Basketball Association...

This study explores the optimal payout structure and prize distribution of instant (scratch-off) lottery games. Using ticket sales data for 185 instant lottery games sold between 2007 and 2011 by the Maryland State Lottery and Gaming Control Agency, we calculate the price elasticity of demand...

We study strategic investment decisions in multi-stage contests with heterogeneous players. Our theoretical model of a round-robin rank-order tournament predicts that players conserve resources in a current contest to spend more in the subsequent contest if the degree of heterogeneity in the...