Efficiency of racetrack betting markets / edited by Donald B. Hausch, Victor S.Y. Lo, William T. Ziemba.

Format:

Book

Contributor:

Hausch, Donald B.

Lo, Victor S. Y.

Ziemba, W. T.

Series:

World Scientific Handbook in Financial Economics Series

World Scientific Handbook in Financial Economics Series ; v.2

Language:

English

Subjects (All):

Horse racing--Betting.

Horse racing.

Horseplayers--Psychology.

Horseplayers.

Physical Description:

1 online resource (676 p.)

Edition:

2008 ed.

Place of Publication:

River Edge, N.J. : World Scientific, 2008.

Language Note:

English

Summary:

A reprint of one of the classic volumes on racetrack efficiency, this book is the only one in its field that deals with the racetrack betting market in-depth, containing all the important historical papers on racetrack efficiency. As evidenced by the collection of articles, the understanding of racetrack betting is clearly drawn from, and has correspondingly returned something to, all the fields of psychology, economics, finance, statistics, mathematics and management science.

Contents:

Contents; Preface to 2008 Edition; Preface in 1994 Edition; List of Contributors; Acknowledgments; Introduction; PART I. PSYCHOLOGICAL STUDIES; Introduction to Psychological Studies D.B. Hausch, V.S.Y. Lo and W.T. Ziemba; Odds Adjustments by American Horse-Race Bettors R.M. Griffith; SUMMARY AND CONCLUSIONS; Stability of Choices among Uncertain Alternatives W.H. McGlothlin; PROBLEM; PROCEDURE; RESULTS; Discussion; SUMMARY; A Footnote on Horse Race Betting R.M. Griffith; Literature Cited; Biases in Betting: An Application of Laboratory Findings M.A. Metzger; METHOD; RESULTS; DISCUSSION

REFERENCES PART 11. UTILITY PREFERENCES OF RACETRACK BETTORS; Introduction to Utility Preferences of Racetrack Bettors D.B. Hausch, V.S.Y. Lo and W.T. Zieniba; On the Robustness of the Arrow-Pratt Risk Aversion Measure J.G. Kallberg and W.T. Ziemba; References; Utility Analysis and Group Behavior: An Empirical Study M. Weitzman; I. INTRODUCTION; 11. THE EXPECTED-UTILITY HYPOTHESIS; 111. EXPERIMENTAL BACKGROUND: THE RACE TRACK AND PARIMWTUEL BETTING; IV. THE EXPERIMENTAL PROBABILITY CURVE; V. FORMULATION OF THE MODEL MR. AVMART; VI. AVMART'S INDIFFERENCE CURVE

VII. AVMART'S UTILITY OF MONEY CURVE VIII. CONCLUSION; Gambling and Rationality R.N. Rosett; I. INTRODUCTION; II. PARI-MUTUELBETTING; III. BETTING COMBINATIONS; Iv. THE TEEORETICAL RELATION BE- TWEEN RETURNS AND PROBA- BILITIES; V. RACE-TRACK DATA; VI. THE EMPIRICAL RELATION BETWEEN RETURN AND THE PROBABILITY OF WINNING; VII. CONCLUSIONS; APPENDIX A; APPENDIX B; APPENDIX C; Probability and Utility Estimates for Racetrack Bettors M.M. Ali; I. Probability Estimates; 11. Theoretical Explanation of the Differences between Subjective and Objective Probabilities; 111. Risk Attitudes; IV. Conclusion

References PART 111. ECONOMIC AND MATHEMATICAL INSIGHTS; Introduction to Economic and Mathematical Insights D.B. Hausch, V.S.Y. Lo and W.T. Ziemba; Optimal Horse Race Bets R. Isaacs; 1. Introduction.; 2. The problem.; 3. The solution.; 4. Some ramifications.; Concavity Properties of Racetrack Betting Models J.G. Kallberg and W.T. Ziemba; REFERENCES; Optimal Bets in Pari-Mutuel Systems N. Levin; 1. Introduction; 2 . The General Deterministic Model; 3 . Linear utility **; 4 . Logarithmic utility; 5. The stochastic model; 6 . Conclusion; Acknowledgment

Growth versus Security in Dynamic Investment Analysis L.C. MacLean, W.T. Ziemba and G. BlazenkoI . The Basic Investment Problem; 1.1. Measures of Growth; I .2. Measures of Security; 2. Computation of Measures; 3. Effective Growth-security Trade off; 4. Applications; 4. I . Blackjack: ( 6, p ); 4.2. Horseracing: ( p r , y,); 4.3. Lotto Games: (q, (3); 4.4. Playing the Turn of the Year- Effect with Iiides Furures: ( 4 , p ); References; Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races R.N. Bolton and R.G. Chapman; introduction

The Pari-Mutuel System

Notes:

Description based upon print version of record.

Includes bibliographical references.

ISBN:

9786611968281

9781281968289

1281968285

9789812819192

9812819193

OCLC:

696628364