Corrigendum: The Economics of Wagering Markets
Sauer, RaymondD. 1999. "Corrigendum: The Economics of Wagering Markets."
Journal of Economic Literature,
In "The Economics of Wagering Markets", by Raymond D. Sauer (December 1998), the two-paragraph
discussion on page 2039 of Hurley and McDonough’s (1996b) model of the favorite long-shot bias
contains an error of attribution. Whereas the results discussed in the second paragraph are new to their
paper, the results discussed in the first paragraph were originally derived in Theorem 2 of Ali (1977).
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Sauer, Raymond D. (Unlisted)
D81: Criteria for Decision-Making under Risk and Uncertainty
L83: Sports; Gambling; Recreation; Tourism