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Record Nr. |
UNINA9910808222203321 |
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Titolo |
Efficiency of racetrack betting markets / / edited by Donald B. Hausch, Victor S.Y. Lo, William T. Ziemba |
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Pubbl/distr/stampa |
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River Edge, N.J., : World Scientific, 2008 |
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ISBN |
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1-281-96828-5 |
9786611968281 |
981-281-919-3 |
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Edizione |
[2008 ed.] |
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Descrizione fisica |
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1 online resource (676 p.) |
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Collana |
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World Scientific Handbook in Financial Economics Series ; ; v.2 |
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Altri autori (Persone) |
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HauschDonald B |
LoVictor S. Y |
ZiembaW. T |
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Disciplina |
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Soggetti |
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Horse racing - Betting |
Horseplayers - Psychology |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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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 |
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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 |
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Sommario/riassunto |
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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. |
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