June 2009
Intermediate to advanced
288 pages
5h 50m
English
book
Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money
by David E. Adler
Content preview from Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money
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15. Why Investors Bet on Long-Shot Horses
The most persistent mistake in horse betting is known as “the favorite long-shot bias.” This is the tendency to over-bet long shots and under-bet favorites. The true chance of the long shot horse winning is much worse than the odds at the track suggest. The payoff from a long shot may be 100 to 1, but the true odds may be closer to 200 to 1.
Gamblers seem to love long shots, even though the returns are remarkably dismal. The favorite long-shot bias has been observed for over 50 years in the U.S., England, and Australia, (though strangely less so in Hong Kong or Japan). Based on the outcomes of over five million races in the U.S., the average bet on a long-shot horse (with odds of 100 to 1 or greater) ...
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I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
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