Committee Bias and Market Inefficiency, Evidence from the NCAA Men’s Basketball Tournament

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Christopher C Douglas


Various studies find evidence that the NCAA men’s basketball sectioncommittee exhibits bias in the seeding of teams for the “March Madness” basketballtournament. Fewer studies examine whether March Madness betting markets areefficient. Using a decade’s worth of NCAA and point spread data that allow foradditional sources of bias than what has been already considered, I find evidence that theselection committee does exhibit bias when seeding teams. Not all of these biases areeliminated by the betting market, which seems to allow for profit opportunities. (G14,L83)

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