Efficiency of Racetrack Betting Markets
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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Introduction to Psychological Studies
Stability of Choices among Uncertain Alternatives
A Footnote on Horse Race Betting
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amount analysis approximation Asch average return betting strategy bettors bookmakers breakage calculated coefficients computed cross-track daily double Davona Dale distribution dollar double bets Efficiency of Racetrack efficient market hypothesis efficient markets equation Exhibition Park expected return expected value favorite-longshot bias favorites final odds fractional Kelly gambling Golden Gate Fields handicapping model Harville formulas Hong Kong horse h horse race hypothesis initial wealth Journal Kelly criterion Kelly strategy Lemma logit model longshots Malkiel market efficiency maximizing morning line odds multinomial logit number of horses objective probabilities optimal outcome parameter pari-mutuel parimutuel betting parlay payoff percent place and show positive returns post position predict probability of winning profit Quandt rate of return Rosner's sample show bets show pool statistical stochastic Table tote track odds track take true winning probabilities utility function variables wagering strategy win bets win odds win pool winners Ziemba and Hausch