Bill Woodland

A photo of Bill Woodland

Emeritus Professor



[email protected]


  • Ph.D., Purdue University

Interests and Expertise

Dr. Woodland came to EMU in 1981. Dr. Woodland is interested in the area of decision making under risk and uncertainty and its application to the analysis of the efficiency of gambling markets. He had served as an ad hoc referee for American Economic Review, Journal of Finance (2), Journal of Political Economy, Management Science, Southern Economic Journal (2), International Journal of Financial Analysis, Journal of Gambling Studies, Bulletin of Economic Research, Oxford Economic Papers (2), Applied Economics (4), Journal of Business and Economics, European Journal of Finance, Journal of Sports Economics (6).


  • Economic Statistics
  • Economic Analysis for Business at the undergraduate level
  • Foundations of Economics
  • Managerial Economics at the graduate level
  • Principles of Microeconomics.

Publications and Presentations

  • "Additional Evidence of Heuristic-based Inefficiency in Season Wins total Betting Markets: Major League Baseball," Journal of Economics and Finance, July 2016, Volume 40, Issue 3, pp 538–548, with L. Woodland
  • "The National Football League Season Wins Total Betting Market: The impact of Heuristics on Behavior," Southern Economic Journal, July 2015, pages 38-54, with L. Woodland
  • "Testing Profitability in the NBA Season Wins Total Betting Market," International Journal of Sport Finance, May 2015, pages 160-174, with L. Woodland
  • "The Reverse Favorite-Longshot Bias in the National Hockey League: Do Bettors Still Score on Longshots?" Journal of Sports Economics, February 2011, with L. Woodland
  • "Market Efficiency and the NHL totals betting market: Is there an under bias?'' Economics Bulletin, Vol. 30(4) , 2010, with L. Woodland
  • "Appropriate Statistical Methodology for Testing the Efficiency of Betting Markets Involving Spread and Totals," Journal of Economics and Finance, Fall 2005, Volume 29(3), with L. Woodland
  • "The Reverse Favourite-Longshot Bias and Market Efficiency In Major League Baseball: An Update” (lead article) The Bulletin of Economic Research, April 2003, Volume 55(2), with L. Woodland
  • "Testing Contrarian Strategies in the National Football League," Journal of Sports Economics, May 2000, with L. Woodland
  • "Market Efficiency and Profitable Wagering in the National Hockey League: Can Bettors Save on Longshots?" Southern Economic Journal, April 2001, with L. Woodland
  • “Expected Utility, Skewness, and the Baseball Betting Market,” Applied Economics, Volume 31, Issue 3, 1999, with Linda M. Woodland
  • "Efficiency in Gambling Markets Involving Spread: A Corrected and Simplified Test," Applied Economics Letters, April 1997, with L. Woodland
  • "Market Efficiency and the Favorite Longshot Bias: The Baseball Betting Market," Journal of Finance, March 1994, with L. Woodland
  • "The Effects of Risk Aversion on Wagering: Point Spread vs. Odds," Journal of Political Economy, June 1991, with L. Woodlan