Efficiency Of Racetrack Betting Markets
by Hausch, Donald B.; Lo, Victor S. Y.; Ziemba, William T.Format: Hardcover
Pub. Date: 2008-10-30
Publisher(s): World Scientific Pub Co Inc
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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. Book jacket.
Table of Contents
| Preface to 2008 Edition | p. xiii |
| Preface in 1994 Edition | p. xix |
| List of Contributors | p. xxi |
| Acknowledgments | p. xxv |
| Introduction | p. 1 |
| Psychological Studies | |
| Introduction to Psychological Studies | p. 7 |
| Odds Adjustments by American Horse-Race Bettors | p. 9 |
| Stability of Choices among Uncertain Alternatives | p. 15 |
| A Footnote on Horse Race Betting | p. 27 |
| Biases in Betting: An Application of Laboratory Findings | p. 31 |
| Utility Preferences of Racetrack Bettors | |
| Introduction to Utility Preferences of Racetrack Bettors | p. 39 |
| On the Robustness of the Arrow-Pratt Risk Aversion Measure | p. 41 |
| Utility Analysis and Group Behavior: An Empirical Study | p. 47 |
| Gambling and Rationality | p. 57 |
| Probability and Utility Estimates for Racetrack Bettors | p. 71 |
| Economic and Mathematical Insights | |
| Introduction to Economic and Mathematical Insights | p. 87 |
| Optimal Horse Race Bets | p. 93 |
| Concavity Properties of Racetrack Betting Models | p. 99 |
| Optimal Bets in Pari-Mutuel Systems | p. 109 |
| Growth versus Security in Dynamic Investment Analysis | p. 127 |
| Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races | p. 151 |
| Still Searching for Positive Returns at the Track: Empirical Results From 2,000 Hong Kong Races | p. 173 |
| Computer Based Horse Race Handicapping and Wagering Systems: A Report | p. 183 |
| An Empirical Cross-Validation of Alternative Classification Strategies Applied to Harness Racing Data for Win Bets | p. 199 |
| Assigning Probabilities to the Outcomes of Multi-Entry Competitions | p. 213 |
| Permutation Probabilities as Models for Horse Races | p. 219 |
| Estimating the Probabilities of the Outcomes of a Horse Race (Alternatives to the Harville Formulas) | p. 225 |
| Application of Running Time Distribution Models in Japan | p. 237 |
| Efficiency of Win Markets and the Favorite-Longshot Bias | |
| Introduction to the Efficiency of Win Markets and the Favorite-Longshot Bias | p. 251 |
| Anomalies - Parimutuel Betting Markets: Racetracks and Lotteries | p. 255 |
| Horse Racing: Testing the Efficient Markets Model | p. 269 |
| Back on the Track with the Efficient Markets Hypothesis | p. 279 |
| Subjective Information and Market Efficiency in a Betting Model | p. 285 |
| Racetrack Betting and Informed Behavior | p. 299 |
| Applications of Logit Models in Racetrack Data | p. 307 |
| Betting and Equilibrium | p. 315 |
| Differences of Opinion at the Racetrack | p. 323 |
| Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias | p. 343 |
| Prices Versus Handicapping: Place and Show Anomalies | |
| Introduction to Prices versus Handicapping: Place and Show Anomalies | p. 355 |
| Market Efficiency in Racetrack Betting | p. 357 |
| Market Efficiency in Racetrack Betting: Further Evidence and a Correction | p. 369 |
| Efficiency of the Market for Racetrack Betting | p. 373 |
| Transactions Costs, Extent of Inefficiencies, Entries and Multiple Wagers in a Racetrack Betting Model | p. 391 |
| Arbitrage Strategies for Cross-Track Betting on Major Horse Races | p. 405 |
| Locks at the Racetrack | p. 423 |
| Racetrack Betting - An Example of a Market with Efficient Arbitrage | p. 431 |
| Efficiency of Exotic Wagering Markets | |
| Introduction to the Efficiency of Exotic Wagering Markets | p. 445 |
| Some Evidence of the Efficiency of a Speculative Market | p. 447 |
| Efficiency and Profitability in Exotic Bets | p. 453 |
| How Accurately do Bettors Bet on Doubles? | p. 465 |
| Pricing Exotic Racetrack Wagers | p. 469 |
| On the Efficiency of the Market for Double (Quinella) Bets at a Finnish Racetrack | p. 485 |
| Efficient Market Adjustment of Odds Prices to Reflect Track Biases | p. 499 |
| Post Position Bias; An Econometric Analysis of the 1987 Season at Exhibition Park | p. 511 |
| Research in the Commonwealth and Asia | |
| Introduction to the Efficiency of Racetrack Betting Markets in England | p. 529 |
| On the Efficiency and Equity of Betting Markets | p. 533 |
| Winning Systems? Some Further Evidence on Insiders and Outsiders in British Horse Race Betting | p. 545 |
| An Examination of Market Efficiency in British Racetrack Betting | p. 551 |
| An Examination of Market Efficiency in British Racetrack Betting: Errata and Corrections | p. 563 |
| The Dr. Z Betting System in England | p. 567 |
| The Efficiency of Racetrack Betting Markets: Australian Evidence | p. 575 |
| Anomalies in the Gambling Market | p. 583 |
| Tests of the Efficiency of Racetrack Betting Using Bookmaker Odds | p. 593 |
| An Exception to the Risk Preference Anomaly | p. 605 |
| Efficient Market Results in an Asian Setting | p. 615 |
| Cross-Track Betting: Is the Grass Greener on the Other Side? | p. 617 |
| Annotated Additional Bibliography | p. 631 |
| Annotated Bibliography of Handicapping Books | p. 639 |
| Index | p. 643 |
| Table of Contents provided by Ingram. All Rights Reserved. |
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