Handbook of Sports and Lottery Markets

by Donald B. Hausch (Editor), W.T. Ziemba (Editor)

Overview

Its basic empirical research and investigation of pure theories of investment in the sports and lottery markets make this volume a winner. These markets are simpler to study than traditional financial markets, and their expected values and outcomes are uncomplicated. By means of new overviews of scholarship on the industry side of racetrack and other betting markets to betting exchanges and market efficiencies, contributors consider a variety of sports in countries around the world. The result is not only superior information about market forecasting, but macro- and micro-analyses that are relevant to other markets.

• Easily studied sports markets reveal features relevant for more complex traditional financial markets
• Significant coverage of sports from racing to jai alai
• New studies of betting exchanges and Internet wagering markets

Product Details

ISBN-13:	9780080559957
Publisher:	Elsevier Science
Publication date:	08/11/2011
Series:	ISSN
Sold by:	Barnes & Noble
Format:	eBook
Pages:	560
File size:	12 MB
Note:	This product may take a few minutes to download.

About the Author

Kenneth Arrow is the Joan Kenney Professor of Economics and Professor of Operations Research, emeritus; a CHP/PCOR fellow; and an FSI senior fellow by courtesy. He is the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51. In economics, he is a figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information. He has been co-editor of the Handbooks in Economics series since the mid-1980s.

Table of Contents

Industry Studies
Utility and Probability Estimation
Favorite-Longshot Bias in the Win Market
Weak Market Efficiency
Semi-Strong Form Efficiency
Prediction Markets
Soccer
Lotteries

What People are Saying About This

From the Publisher

Presents basic research and pure theory about betting markets

Editorial Reviews

"This timely and valuable volume showcases the frontier research in prediction markets by the very best researchers in the field. Issues of information aggregation and how the institutional backdrop influence such aggregation are age-old questions in Economics and Finance. The papers in this volume survey the current frontier, show how betting markets allow questions to be posed more sharply, and so yield more robust conclusions than is possible in more complex financial markets. The insights gained have many potentially fruitful applications in the design of institutions that promote information efficiency and for public policy more generally." —Hyun Song Shin, Princeton University

"Hausch and Ziemba have produced a superb volume replete with papers from leading scholars in the economics of sports wagering and lotteries." —Raymond Sauer, Clemson University

“The editors of this book have assembled a set of world-renowned scholars to produce an accessible and authoritative review of the behavior of sports betting and lottery markets. The volume is essential reading for students and practitioners involved in betting markets.” —Rob Simmons, Lancaster University

From the Publisher