| 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 |
Overview
*
* Explores the academic and theoretical aspects...