Information Efficiency in Financial and Betting Marketsby Leighton Vaughan Williams
Pub. Date: 09/30/2005
Publisher: Cambridge University Press
This survey of the theory and practice of gambling uses examples from an international range of sports betting markets. Gambling markets offer economists a fascinating case study of how information efficiency operates in a market. Insights gained from gambling interest many: governments (who tax gamblers), financial market analysts (who gamble on the financial… See more details below
This survey of the theory and practice of gambling uses examples from an international range of sports betting markets. Gambling markets offer economists a fascinating case study of how information efficiency operates in a market. Insights gained from gambling interest many: governments (who tax gamblers), financial market analysts (who gamble on the financial markets), and, lastly, mathematicians (who analyze the puzzle of gambling).
- Cambridge University Press
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- 5.43(w) x 8.50(h) x 1.06(d)
Table of ContentsList of figures; List of tables; List of contributors; Introduction; Part I: The Concept of Information Efficiency: 1. Information efficiency in financial markets Leighton Vaughan Williams; 2. Weak form information efficiency in betting markets Leighton Vaughan Williams; 3. Semi-strong and strong form information efficiency in betting markets Leighton Vaughan Williams; Part II. Selected Readings: 4. An assessment of quasi-arbitrage opportunities in two fixed-odds horse-race betting markets Michael A. Smith, David Paton and Leighton Vaughan Williams; 5. The presence of favourites and biases in bookmakers' odds William Collier and John Peirson; 6. Searching for semi-strong form inefficiency in the UK racetrack betting market Ming-Chien Sung, Johnnie E. V. Johnson and Alistair C. Bruce; 7. Models, markets, polls and pundits: a case study of information efficiency Leighton Vaughan Williams; 8. Longshot bias: insights from the betting market on men's professional tennis David Forrest and Ian McHale; 9. Biases and insider trading in exotic bets on thoroughbreds Les Coleman and Martin McGrath; 10. On the improbability of information efficient parimutuel betting markets in the presence of heterogeneous beliefs William Hurley and Lawrence McDonough; 11. Modelling gambling demand in a laboratory casino: discovering the importance of individual-specific effects W. David Walls and Patrick J. Harvey; 12. Market efficiency of the 50–30–20–10 horse-racing spread betting market Paul M. Twomey; 13. Insider trading and bias in a market for state-contingent claims Adi Schnytzer and Yuval Shilony; 14. Rationality and efficiency in lotto games Victor A. Matheson and Kent R. Grote; 15. Efficiency of the odds on English professional football matches David Forrest and Robert Simmons; 16. Modelling distance preference in flat racing via average velocity David Edelman; 17. Testing for market efficiency in gambling markets: some observations and new statistical tests based on a bootstrap method Ivan A. Paya, David A. Peel, David Law and John Peirson; 18. Information (in)efficiency in prediction markets Erik Snowberg, Justin Wolfers and Eric Zitzewitz; Index.
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