AN ALTERNATIVE EXPLANATION OF THE FAVORITE-LONGSHOT BIAS

2013 ◽  
Vol 2 (2) ◽  
pp. 79-96
Author(s):  
Martin Kukuk ◽  
Stefan Winter
Keyword(s):  
Alternative Explanation ◽  
Empirical Studies ◽  
Market Equilibrium ◽  
Equilibrium Outcome ◽  
Horse Race ◽  
Theoretical Literature ◽  
Median Estimate ◽  
The Us ◽  
Different Types ◽  
The Uk

Empirical studies of horse race betting in the US, the UK, Australia, and Germany have empirically established the so called favorite-longshot bias. It was found that bets on longshots on average lose much more than bets on favorites. The theoretical literature on wagering markets has offered a variety of explanations for that bias. One of the most prominent is the assumption of a homogeneous bettor population with a preference for risk. However, the risk-love explanation has also been severely challenged. We add to this challenge by proposing a different explanation of the favorite-longshot bias. We show that if populations of bettors have only noisy estimates of horses’ true winning probabilities, a favorite-longshot bias will be the market equilibrium outcome even with risk neutral bettors and even if the median estimate is correct. We provide evidence on four different types of bets broadly consistent with the noisy estimates assumption but not with the risk-love explanation.

Exploring Funding in Higher Education Sector in Oman

2021 ◽  
Vol 12 (2) ◽  
pp. 10-20
Author(s):  
Mouza Said Al Kalbani ◽  
Ahmad Bintouq
Keyword(s):  
Higher Education ◽  
Private Education ◽  
Education Sector ◽  
Decision Makers ◽  
Government Support ◽  
Tuition Fees ◽  
Funding Sources ◽  
The Us ◽  
Different Types ◽  
The Uk

Funding of higher education institutions is a major growing expense for the Oman government (13–14% of the total spending in 2016) and is at par with that of other governments (e.g., 11% in the UK and 15.5% in the US). However, there has been little investigation into the funding of quality higher education in Oman. The present research project aims to explore the sources of funding at Oman universities after it opened the private education sector in 1996. The research methodology includes conducting interviews with leaders in higher education to explore different types of funding (e.g., gifts, tuition fees, government support). This will enhance our understanding, as well as that of decision-makers, regarding universities' funding sources and of the higher education landscape.

scholarly journals Culture and COVID-19: Don’t Throw Your Elderly Away!

2020 ◽  
Author(s):  
Robert Melton
Keyword(s):  
Nursing Homes ◽  
Cultural Difference ◽  
Alternative Explanation ◽  
Analysis Of Covariance ◽  
Future Research ◽  
Preventive Behaviors ◽  
Self Interest ◽  
The Us ◽  
The World ◽  
The Uk

Abstract Enormous differences exist in rates of death from COVID-19 in countries around the world. Collectivist cultures and countries are characterized by concern for culture and country to a greater extent than for self-interest, whereas the reverse is true for individualistic cultures and countries. In light of this cultural difference, and suggestive evidence that cultures known for their collectivist orientation are more likely to have near-universal compliance with infection-preventive behaviors such as public mask-wearing and less likely to place their elderly in nursing homes (which account for a high proportion of deaths in individualistic countries such as the US, Canada, and the UK), we hypothesized that death per million (DPM) rates would be significantly lower for collectivist countries than individualistic countries. We categorized every country for which there are collectivist-individualistic scores and split the countries into two groups as defined by Hofstede’s (1980) cut-offs. As predicted, the DPM rate for collectivist countries was significantly lower than for individualistic countries. Furthermore, an analysis of covariance controlling for median age showed that the alternative explanation that the observed difference could be accounted for in terms of the significantly lower average age of citizens of collectivist countries was implausible. Implications in areas related to reopening schools, etc., and directions for future research are discussed.

scholarly journals REGULATORY COMPETITION IN PARTNERSHIP LAW

2009 ◽  
Vol 58 (4) ◽  
pp. 767-802 ◽  
Author(s):  
Mathias M Siems
Keyword(s):  
Empirical Data ◽  
Country Of Origin ◽  
Limited Liability ◽  
Company Law ◽  
Regulatory Competition ◽  
The Us ◽  
Different Types ◽  
The Uk ◽  
Limited Partnerships ◽  
Limited Liability Partnership

AbstractRegulatory competition in company law has been extensively debated in the last few decades, but it has rarely been discussed whether there could also be regulatory competition in partnership law. This article fills this gap. It addresses the partnership law of the US, the UK, Germany, and France, and presents empirical data on the different types of partnerships and companies established in these jurisdictions. The main focus is on the use of a limited liability partnership (LLP) outside its country of origin. It is also considered whether some regulatory competition can take place in the law of limited partnerships.

scholarly journals The Counseling Challenges Facing Muslim Clients across the World

2021 ◽  
Vol 9 (3) ◽  
pp. 2-16
Author(s):  
Afaf Osman ◽  
Ssekamanya Siraje Abdallah ◽  
Abdulfatai Olohunfunmi Ismail
Keyword(s):  
Minority Groups ◽  
Mental Health Problems ◽  
Empirical Studies ◽  
Well Being ◽  
Muslim Countries ◽  
The Us ◽  
The World ◽  
Fear Of God ◽  
Professional Assistance ◽  
The Uk

This systematic review is conducted with the major aim of highlighting the need for a comprehensive and modern Islamic counselling Model, due to the psychological challenges facing Muslim clients across the world. The main source of data collection in the research is past empirical studies related to the field of counselling as it affects Muslim countries. The study found, from the extant literature reviewed, that there is a high incidence of psychological problems among Muslim populated countries, especially the crises-ridden and turbulent regions such as Syria, Yemen, Palestine and others, as well as among the Muslim minority groups in some countries, such as the US, the UK and other European countries. It was discovered from the literature that the major causes of mental health problems are: lack of the fear of God, wars, poverty, natural disasters, political unrest, discrimination and Islamophobic tendencies. In this regard, the study highlights the need for research and action plans that focus on the well-being of Muslims in the entire global community. It is imperative that Muslims require professional assistance from specially trained counsellors equipped with culturally and Islamically-relevant skills for the mitigation of mental distress and depression. The need for a comprehensive Islamic counselling model that matches and competes with the western-oriented counselling models, is proposed. For precisely this purpose, therefore, the Al-Ghazali counselling model has been recently developed, which is compatible and commensurate with modern scientific therapeutic techniques, and is found to be a highly promising intervention for clients with mental and psychological challenges.

Is there a paradox of lower job satisfaction among trade union members? European evidence

2012 ◽  
Vol 18 (4) ◽  
pp. 471-489 ◽  
Author(s):  
Chiara Paola Donegani ◽  
Stephen McKay
Keyword(s):  
Job Satisfaction ◽  
Trade Union ◽  
Large Scale ◽  
Empirical Studies ◽  
Industrial Relations ◽  
European Social Survey ◽  
Social Survey ◽  
The Us ◽  
Paradoxical Finding ◽  
The Uk

In most of the literature on industrial relations, union members are found to be less satisfied with their jobs than non-members. Analysts have applied various statistical and econometric approaches to try to resolve what seems like a paradoxical finding, with mixed results, using theories based on selection bias and ‘exit-voice’ considerations. We review this literature, and note that most empirical studies are from only a few countries – especially the US and the UK. Analysis of a wider range of 18 countries participating in the large-scale European Social Survey in both 2006 and 2010 finds that trade union members generally tend to express higher rather than lower job satisfaction than others, although results differ by country. We use regression models (ordinal logistic) to show that union membership is generally associated with higher job satisfaction, even after controlling for individual, job and workplace differences. Attempts to link the union factor in job satisfaction to typologies of countries, either by welfare regime or extent of collective bargaining coverage, have not been able to address the puzzle of why a negative link persists in a few countries, but not in most.

scholarly journals Effects of Date Labels and Freshness Indicators on Food Waste Patterns in the United States and the United Kingdom

2021 ◽  
Vol 13 (14) ◽  
pp. 7897
Author(s):  
Carter Weis ◽  
Anjali Narang ◽  
Bradley Rickard ◽  
Diogo M. Souza-Monteiro
Keyword(s):  
Food Waste ◽  
The United States ◽  
Policy Debate ◽  
Convenience Sample ◽  
Additional Information ◽  
The United Kingdom ◽  
The Us ◽  
Different Types ◽  
Packaged Foods ◽  
The Uk

To meet the target for Sustainable Development Goal 12.3, household food waste will need to be reduced by at least 284 million tonnes globally by 2030. American and British households waste a significant amount of food, and date labels are considered to be a contributor to this situation. Using a split-plot experimental design implemented on a survey administered to a convenience sample of UK and US consumers, we aimed to determine how different types of date labels and freshness indicators affect the stated likelihoods of discarding 15 foods. We find that not all date labels would lead to reductions in waste, and that semantics matter. Overall, the likelihood to waste across products was similar between the US and the UK; however, American consumers showed a larger response to the additional information provided by the freshness indicators. Our results shed new light on the ongoing policy debate related to national strategies for simplifying and harmonizing the use of date labels for packaged foods, as well as the potential effects from the use of freshness indicators.

‘To see oursels as ithers see us’: Reflections on Scottish Independence from the United States

2014 ◽  
Vol 23 (3) ◽  
pp. 381-388 ◽  
Author(s):  
Euan Hague ◽  
Alan Mackie
Keyword(s):  
United States ◽  
The United States ◽  
The Us ◽  
Scottish Independence ◽  
The Uk ◽  
Scottish Diaspora

The United States media have given rather little attention to the question of the Scottish referendum despite important economic, political and military links between the US and the UK/Scotland. For some in the US a ‘no’ vote would be greeted with relief given these ties: for others, a ‘yes’ vote would be acclaimed as an underdog escaping England's imperium, a narrative clearly echoing America's own founding story. This article explores commentary in the US press and media as well as reporting evidence from on-going interviews with the Scottish diaspora in the US. It concludes that there is as complex a picture of the 2014 referendum in the United States as there is in Scotland.

Identity Politics and Migration

2008 ◽  
Vol 17 (1) ◽  
pp. 155-158
Author(s):  
Vytis Čiubrinskas
Keyword(s):  
National Identity ◽  
Identity Politics ◽  
Host Country ◽  
Social Anthropology ◽  
The Us ◽  
And Migration ◽  
The Uk ◽  
A Current ◽  
Respective Host

The Centre of Social Anthropology (CSA) at Vytautas Magnus University (VMU) in Kaunas has coordinated projects on this, including a current project on 'Retention of Lithuanian Identity under Conditions of Europeanisation and Globalisation: Patterns of Lithuanian-ness in Response to Identity Politics in Ireland, Norway, Spain, the UK and the US'. This has been designed as a multidisciplinary project. The actual expressions of identity politics of migrant, 'diasporic' or displaced identity of Lithuanian immigrants in their respective host country are being examined alongside with the national identity politics of those countries.

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