Alistair Bruce
Biographic Data
| ID | 3954161 |
|---|---|
| NAME | Alistair Bruce |
| GIVEN NAMES | Alistair |
| FAMILY NAME | Bruce |
| SIGNATURE | BRUCE A |
| AFFILIATIONS | University of Nottingham |
| ORCID | 0000-0001-5748-0701 |
| VERIFIED | Yes |
| TOTAL WORKS | 16 |
| TOTAL CITATIONS | 23 |
| AUTHOR COUNT | 16 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1992 |
| LATEST PUBLICATION YEAR | 2017 |
| H-INDEX | 3 |
Assessing the potential and limits of community-based initiatives in urban regeneration
This paper charts the evolution, over three decades, of a group of community-based organizations in the Manor area of Sheffield, UK, which have sought to establish the basis for its economic and social regeneration. It identifies various factors as important in underpinning the organizations' collective contribution, but observes that this contribution is largely limited to the rebuilding of community capital, esteem and environment. Material and…
Betting Motivation and Behavior
This chapter is concerned with exploring individuals’ motivations for betting and other aspects of their behavior as bettors. These topics have generated a substantial literature over the past four decades. While the study of betting behavior has been dominated by the lens of economic analysis, it has also garnered the attention of psychologists, sociologists, and those interested in designing the legal and regulatory regimes within which betting…
Bankers’ bonuses and the financial crisis
Analysis of UK financial sector bonus schemes in the years immediately prior to the financial crisis of 2008/09 reveals significant changes in their structure and complexity. In terms of the determinants of levels of bonus award, leverage as a measure of risk exposure is not significant, whilst scheme complexity and return on assets are. The results challenge the supposed link between risk exposure and bonus practice. In this context, we seek to …
An Examination of the Determinants of Biased Behaviour in a Market for State Contingent Claims
We develop a model to explain the differential incidence of the favourite–longshot bias in parallel sectors of the pari‐mutuel horserace betting market. Hypotheses are derived from the model and these are tested, using UK data, to explore the origins of the bias. Significant variations in the bias are discovered between market sectors on‐ and off‐racetrack. These results shed light on competing demand‐side explanations for the favourite–longshot …
Investigating the roots of the favourite-longshot bias
This paper offers new insights into the behavioural origins of the ‘favourite–longshot’ bias — an established feature of betting markets, whereby longshots win less often than the subjective probabilities imply and favourites more often. A number of alternative explanations has been offered for this phenomenon but the main debate focuses on whether it is caused by the behaviour of those supplying betting markets (bookmakers) or of the demand-side…
Investigating the roots of the favourite–longshot bias
This paper offers new insights into the behavioural origins of the 'favourite–longshot' bias — an established feature of betting markets, whereby longshots win less often than the subjective probabilities imply and favourites more often. A number of alternative explanations has been offered for this phenomenon but the main debate focuses on whether it is caused by the behaviour of those supplying betting markets (bookmakers) or of the demand-side…
Risk strategy under task complexity
This study complements the existing literature on decision-making processes and outcomes in complex settings by exploring the impact of different types of complexity on risk strategies in a naturalistic setting. The study analyses a large sample of decisions made by individuals in UK offcourse betting markets, a fertile environment for observing both a variety of risk strategies and a range of task complexities. Specifically, the investigation fo…
An Empirical Study of the Impact of Complexity on Participation in Horserace Betting
A Probit Model for Estimating the Effect of Complexity on Risk Taking
This study was designed to explore the risk strategy employed in complex settings by conducting an empirical analysis of 1212 decisions made in the UK offcourse betting market. The decision-making environment chosen for the study is identified as offering the advantages of a naturalistic setting and providing scope for observing risk strategy in a range of alternative- and attribute-based complexity conditions. Specifically, the investigation emp…
Decision-Making under Risk
This paper examined the effect of complexity on performance in decision-making under risk employing a database of 1161 randomly sampled betting decisions made during 1987 in offcourse horserace betting offices situated throughout the UK. The setting for the study is characterised by important ecological advantages over laboratory or alternative naturalistic settings. Complexity is defined in terms of both the number of alternatives in the decisio…
Gender-based differences in leisure behaviour
Previous literature has highlighted the need to consider explicitly gender differences in leisure behaviour. This paper directly addresses this issue by exploring differences in performance, risk propensity and confidence between males and females in off-course horserace betting — a leisure activity which accounted for a turnover of £5116 million in the UK in 1993/4. The justification for this setting resides in the ecological advantages it enjoy…
Costing excitement in leisure betting
The objective of this paper is to explore the effects of excitement on the nature of betting decisions. As such, it addresses an area of inquiry, the relationship between excitement and leisure, which has received only limited attention in the literature. A distinctive feature of the paper is its use of a large and geographically dispersed sample of real betting decisions made in UK betting offices. Two procedures are employed to test the existen…
Male and female betting behaviour
Gluck's Second Law
The central premise of ‘Gluck's Second Law,’ which states that ‘The Best Time to Bet the Favourite is in the Last Race,’ is tested. Analysis of a random sample of 1212 bets placed in offcourse betting offices throughout the UK shows that bettors on later races back horses with shorter odds; commit, to some extent, higher stakes and perform at least as well as bettors on early races. The premise underlying ‘Gluck's Second Law’ that bettors back lo…
Policy Review Section
In this Policy Review Section, Steve Martin and Graham Pearce of the Aston Business School examine some of the issues arising from the European Commission's invitation to UK local authorities to prepare regional development strategies in advance of the formulation of the precise arrangements for the allocation of the European Communities' Structural Fund assistance from 1994. In the second article Paul Foley of the Department of Corporate Strateg…
Toward an explanation of betting as a leisure pursuit
This paper uses an analysis of betting decisions to explore the motivations underlying offcourse horserace betting — a leisure activity which accounted for a turnover of £4.3 billion in the UK in 1989/90. Specifically, four possible motivations are considered: financial gain, intellectual challenge, social interaction and excitement. A testable proposition is developed, linking each motivation to a particular time period in which the bet is place…
Toward an explanation of betting as a leisure pursuit
This paper uses an analysis of betting decisions to explore the motivations underlying offcourse horserace betting — a leisure activity which accounted for a turnover of £4.3 billion in the UK in 1989/90. Specifically, four possible motivations are considered: financial gain, intellectual challenge, social interaction and excitement. A testable proposition is developed, linking each motivation to a particular time period in which the bet is place…
Costing excitement in leisure betting
The objective of this paper is to explore the effects of excitement on the nature of betting decisions. As such, it addresses an area of inquiry, the relationship between excitement and leisure, which has received only limited attention in the literature. A distinctive feature of the paper is its use of a large and geographically dispersed sample of real betting decisions made in UK betting offices. Two procedures are employed to test the existen…
Policy Review Section
In this Policy Review Section, Steve Martin and Graham Pearce of the Aston Business School examine some of the issues arising from the European Commission's invitation to UK local authorities to prepare regional development strategies in advance of the formulation of the precise arrangements for the allocation of the European Communities' Structural Fund assistance from 1994. In the second article Paul Foley of the Department of Corporate Strateg…
Gender-based differences in leisure behaviour
Previous literature has highlighted the need to consider explicitly gender differences in leisure behaviour. This paper directly addresses this issue by exploring differences in performance, risk propensity and confidence between males and females in off-course horserace betting — a leisure activity which accounted for a turnover of £5116 million in the UK in 1993/4. The justification for this setting resides in the ecological advantages it enjoy…
An Examination of the Determinants of Biased Behaviour in a Market for State Contingent Claims
We develop a model to explain the differential incidence of the favourite–longshot bias in parallel sectors of the pari‐mutuel horserace betting market. Hypotheses are derived from the model and these are tested, using UK data, to explore the origins of the bias. Significant variations in the bias are discovered between market sectors on‐ and off‐racetrack. These results shed light on competing demand‐side explanations for the favourite–longshot …
Toward an explanation of betting as a leisure pursuit
This paper uses an analysis of betting decisions to explore the motivations underlying offcourse horserace betting — a leisure activity which accounted for a turnover of £4.3 billion in the UK in 1989/90. Specifically, four possible motivations are considered: financial gain, intellectual challenge, social interaction and excitement. A testable proposition is developed, linking each motivation to a particular time period in which the bet is place…
Gluck's Second Law
The central premise of ‘Gluck's Second Law,’ which states that ‘The Best Time to Bet the Favourite is in the Last Race,’ is tested. Analysis of a random sample of 1212 bets placed in offcourse betting offices throughout the UK shows that bettors on later races back horses with shorter odds; commit, to some extent, higher stakes and perform at least as well as bettors on early races. The premise underlying ‘Gluck's Second Law’ that bettors back lo…
Policy Review Section
In this Policy Review Section, Steve Martin and Graham Pearce of the Aston Business School examine some of the issues arising from the European Commission's invitation to UK local authorities to prepare regional development strategies in advance of the formulation of the precise arrangements for the allocation of the European Communities' Structural Fund assistance from 1994. In the second article Paul Foley of the Department of Corporate Strateg…
Male and female betting behaviour
Costing excitement in leisure betting
The objective of this paper is to explore the effects of excitement on the nature of betting decisions. As such, it addresses an area of inquiry, the relationship between excitement and leisure, which has received only limited attention in the literature. A distinctive feature of the paper is its use of a large and geographically dispersed sample of real betting decisions made in UK betting offices. Two procedures are employed to test the existen…
Decision-Making under Risk
This paper examined the effect of complexity on performance in decision-making under risk employing a database of 1161 randomly sampled betting decisions made during 1987 in offcourse horserace betting offices situated throughout the UK. The setting for the study is characterised by important ecological advantages over laboratory or alternative naturalistic settings. Complexity is defined in terms of both the number of alternatives in the decisio…
Gender-based differences in leisure behaviour
Previous literature has highlighted the need to consider explicitly gender differences in leisure behaviour. This paper directly addresses this issue by exploring differences in performance, risk propensity and confidence between males and females in off-course horserace betting — a leisure activity which accounted for a turnover of £5116 million in the UK in 1993/4. The justification for this setting resides in the ecological advantages it enjoy…
An Empirical Study of the Impact of Complexity on Participation in Horserace Betting
A Probit Model for Estimating the Effect of Complexity on Risk Taking
This study was designed to explore the risk strategy employed in complex settings by conducting an empirical analysis of 1212 decisions made in the UK offcourse betting market. The decision-making environment chosen for the study is identified as offering the advantages of a naturalistic setting and providing scope for observing risk strategy in a range of alternative- and attribute-based complexity conditions. Specifically, the investigation emp…
Risk strategy under task complexity
This study complements the existing literature on decision-making processes and outcomes in complex settings by exploring the impact of different types of complexity on risk strategies in a naturalistic setting. The study analyses a large sample of decisions made by individuals in UK offcourse betting markets, a fertile environment for observing both a variety of risk strategies and a range of task complexities. Specifically, the investigation fo…
Investigating the roots of the favourite-longshot bias
This paper offers new insights into the behavioural origins of the ‘favourite–longshot’ bias — an established feature of betting markets, whereby longshots win less often than the subjective probabilities imply and favourites more often. A number of alternative explanations has been offered for this phenomenon but the main debate focuses on whether it is caused by the behaviour of those supplying betting markets (bookmakers) or of the demand-side…
Investigating the roots of the favourite–longshot bias
This paper offers new insights into the behavioural origins of the 'favourite–longshot' bias — an established feature of betting markets, whereby longshots win less often than the subjective probabilities imply and favourites more often. A number of alternative explanations has been offered for this phenomenon but the main debate focuses on whether it is caused by the behaviour of those supplying betting markets (bookmakers) or of the demand-side…
An Examination of the Determinants of Biased Behaviour in a Market for State Contingent Claims
We develop a model to explain the differential incidence of the favourite–longshot bias in parallel sectors of the pari‐mutuel horserace betting market. Hypotheses are derived from the model and these are tested, using UK data, to explore the origins of the bias. Significant variations in the bias are discovered between market sectors on‐ and off‐racetrack. These results shed light on competing demand‐side explanations for the favourite–longshot …
Betting Motivation and Behavior
This chapter is concerned with exploring individuals’ motivations for betting and other aspects of their behavior as bettors. These topics have generated a substantial literature over the past four decades. While the study of betting behavior has been dominated by the lens of economic analysis, it has also garnered the attention of psychologists, sociologists, and those interested in designing the legal and regulatory regimes within which betting…
Bankers’ bonuses and the financial crisis
Analysis of UK financial sector bonus schemes in the years immediately prior to the financial crisis of 2008/09 reveals significant changes in their structure and complexity. In terms of the determinants of levels of bonus award, leverage as a measure of risk exposure is not significant, whilst scheme complexity and return on assets are. The results challenge the supposed link between risk exposure and bonus practice. In this context, we seek to …
Assessing the potential and limits of community-based initiatives in urban regeneration
This paper charts the evolution, over three decades, of a group of community-based organizations in the Manor area of Sheffield, UK, which have sought to establish the basis for its economic and social regeneration. It identifies various factors as important in underpinning the organizations' collective contribution, but observes that this contribution is largely limited to the rebuilding of community capital, esteem and environment. Material and…
Economics (14 works) · Sports Analytics and Performance (12 works) · Gambling Behavior and Treatments (10 works) · Psychology (9 works) · Computer Science (7 works) · Decision-Making and Behavioral Economics (7 works) · Sociology (7 works) · Business (6 works) · Actuarial science (5 works) · Engineering (5 works)