Efficiency of Racetrack Betting Markets (2008 Edition)

Overview

Top experts provide an outstanding collection of major academic findings on racetrack betting markets. Coverage includes psychological studies, utility preferences, economic and mathematical analysis, and examines betting strategies from win-place-show to exotics such as quinella and exacta.

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* Explores the academic and theoretical aspects...
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Overview

Top experts provide an outstanding collection of major academic findings on racetrack betting markets. Coverage includes psychological studies, utility preferences, economic and mathematical analysis, and examines betting strategies from win-place-show to exotics such as quinella and exacta.

*
* Explores the academic and theoretical aspects of horse-racing and racetrack betting markets.
* Offers economic, financial, and psychological studies on gambling
* Includes mathematical and statistical models for probability estimations and wagering systems.
* Features an international analysis of risk behaviour and market efficiency on racetrack markets.
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Product Details

  • ISBN-13: 9789812819185
  • Publisher: World Scientific Publishing Company, Incorporated
  • Publication date: 8/1/2008
  • Pages: 648
  • Product dimensions: 6.20 (w) x 9.20 (h) x 1.60 (d)

Table of Contents

List of Contributors
Preface
Introduction 1
Introduction to Psychological Studies 5
Odds Adjustments by American Horse-Race Bettors 9
Stability of Choices among Uncertain Alternatives 15
A Footnote on Horse Race Betting 27
Biases in Betting: An Application of Laboratory Findings 31
Introduction to Utility Preferences of Racetrack Bettors 39
On the Robustness of the Arrow-Pratt Risk Aversion Measure 41
Utility Analysis and Group Behavior: An Empirical Study 47
Gambling and Rationality 57
Probability and Utility Estimates for Racetrack Bettors 71
Introduction to Economic and Mathematical Insights 87
Optimal Horse Race Bets 93
Concavity Properties of Racetrack Betting Models 99
Optimal Bets in Pari-Mutuel Systems 109
Growth versus Security in Dynamic Investment Analysis 127
Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races 151
Still Searching for Positive Returns at the Track: Empirical Results from 2,000 Hong Kong Races 173
Computer Based Horse Race Handicapping and Wagering Systems: A Report 183
An Empirical Cross-Validation of Alternative Classification Strategies Applied to Harness Racing Data for Win Bets 199
Assigning Probabilities to the Outcomes of Multi-Entry Competitions 213
Permutation Probabilities as Models for Horse Races 219
Estimating the Probabilities of the Outcomes of a Horse Race (Alternatives to the Harville Formulas) 225
Application of Running Time Distribution Models in Japan 237
Introduction to the Efficiency of Win Markets and the Favorite-Longshot Bias 251
Anomalies - Parimutuel Betting Markets: Racetracks and Lotteries 255
Horse Racing: Testing the Efficient Markets Model 269
Back on the Track with the Efficient Markets Hypothesis 279
Subjective Information and Market Efficiency in a Betting Model 285
Racetrack Betting and Informed Behavior 299
Applications of Logit Models in Racetrack Data 307
Betting and Equilibrium 315
Differences of Opinion at the Racetrack 323
Prices of State Contingent Claims with Insider-Traders, and the Favourite-Longshot Bias 343
Introduction to Prices versus Handicapping: Place and Show Anomalies 355
Market Efficiency in Racetrack Betting 357
Market Efficiency in Racetrack Betting: Further Evidence and a Correction 369
Efficiency of the Market for Racetrack Betting 373
Transactions Costs, Extent of Inefficiencies, Entries and Multiple Wagers in a Racetrack Betting Model 391
Arbitrage Strategies for Cross-Track Betting on Major Horse Races 405
Locks at the Racetrack 423
Racetrack Betting - An Example of a Market with Efficient Arbitrage 431
Introduction to the Efficiency of Exotic Wagering Markets 445
Some Evidence of the Efficiency of a Speculative Market 447
Efficiency and Profitability in Exotic Bets 453
How Accurately do Bettors Bet on Doubles? 465
Pricing Exotic Racetrack Wagers 469
On the Efficiency of the Market for Double (Quinella) Bets at a Finnish Racetrack 485
Efficient Market Adjustment of Odds Prices to Reflect Track Biases 499
Post Position Bias; An Econometric Analysis of the 1987 Season at Exhibition Park 511
Introduction to the Efficiency of Racetrack Betting Markets in England 529
On the Efficiency and Equity of Betting Markets 533
Winning Systems? Some Further Evidence on Insiders and Outsiders in British Horse Race Betting 545
An Examination of Market Efficiency in British Racetrack Betting 551
An Examination of Market Efficiency in British Racetrack Betting: Errata and Corrections 563
The Dr. Z Betting System in England 567
The Efficiency of Racetrack Betting Markets: Australian Evidence 575
Anomalies in the Gambling Market 583
Tests of the Efficiency of Racetrack Betting Using Bookmaker Odds 593
An Exception to the Risk Preference Anomaly 605
Efficient Market Results in an Asian Setting 615
Cross-Track Betting: Is the Grass Greener on the Other Side? 617
Annotated Additional Bibliography 631
Annotated Bibliography of Handicapping Books 639
Index 643
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