The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. …

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. -- Pricing under risk ; probability … weighting ; compound lotteries ; favorite-longshot bias …

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. -- pricing under risk ; probability … ; weighting ; compound lotteries ; favourite-longshot bias …

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory …

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory …

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. …

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. …

The favorite-longshot bias describes the longstanding empirical regularity that betting odds provide biased estimates … misperceptions of probability drive the favorite-longshot bias, as suggested by Prospect Theory. …

theoretically sound, it is unclear whether this clear separation is reflected in actual choices. To test this, we designed two …