March madness? Strategic behavior in NCAA basketball tournament betting pools

Article Abstract:

A descriptive study of strategic behavior is conducted using evidence from a natural experiment of NCAA Basketball Tournament 'betting pools.' This research examines the actual betting pattern of 1499 players in 24 pools, compares this trend with equilibrium forecasts and ascertains if betting behavior is affected by incentives offered by the pools. Results show that aggregate betting behavior remains bounded away from equilibrium predictions, with bettors overbacking the heaviest favorites. Findings indicate that only a few players are adapting their behavior to the shifting strategic situation.

Social aspects, Research, Gambling, Wagers, NCAA Championship (Basketball)

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Solving the bargaining democracy problem using a constitutional hierarchy for law

Article Abstract:

Alternative constitutional laws to examine the impact of politicians' preferences on public interest are proposed.

Denmark, Political aspects, Democracy

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