Efficiency Of Racetrack Betting Markets 2008 1st Edition by Donald Hausch, Victor Lo, William Ziemba 9812819193 9789812819192

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Product details:

ISBN 10: 9812819193 

ISBN 13: 9789812819192

Author: Donald B Hausch; Victor S Y Lo; William T Ziemba

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.

Table of contents:

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 II. UTILITY PREFERENCES OF RACETRACK BETTORS
Introduction to Utility Preferences of Racetrack Bettors D.B. Hausch, V.S.Y. Lo and W.T. Ziemba
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
II. THE EXPECTED-UTILITY HYPOTHESIS
III. EXPERIMENTAL BACKGROUND: THE RACE TRACK AND PARIMUTUEL 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-MUTUEL BETTING
III. BETTING COMBINATIONS
IV. THE THEORETICAL RELATION BETWEEN RETURNS AND PROBABILITIES
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
II. Theoretical Explanation of the Differences between Subjective and Objective Probabilities
III. Risk Attitudes
IV. Conclusion
References

PART III. 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
Concavity Properties of Racetrack Betting Models J.G. Kallberg and W.T. Ziemba
Optimal Bets in Pari-Mutuel Systems N. Levin
Growth versus Security in Dynamic Investment Analysis L.C. MacLean, W.T. Ziemba and G. Blazenko
Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races
Still Searching for Positive Returns at the Track: Empirical Results From 2,000 Hong Kong Races
Computer Based Horse Race Handicapping and Wagering Systems: A Report W. Benter
An Empirical Cross-Validation of Alternative Classification Strategies Applied to Harness Racing Data
Assigning Probabilities to the Outcomes of Multi-Entry Competitions D.A. Harville
Permutation Probabilities as Models for Horse Races R.J. Henery
Estimating the Probabilities of the Outcomes of a Horse Race
Application of Running Time Distribution Models in Japan V.S.Y. Lo

PART IV. EFFICIENCY OF WIN MARKETS AND THE FAVORITE-LONGSHOT BIAS
Introduction to the Efficiency of Win Markets and the Favorite-Longshot Bias D.B. Hausch, V.S.Y. Lo
Anomalies – Parimutuel Betting Markets: Racetracks and Lotteries R. Thaler and W.T. Ziemba
Horse Racing: Testing the Efficient Markets Model W.W. Snyder
Back on the Track with the Efficient Markets Hypothesis R.L. Loosey and J.C. Talbott, Jr.
Subjective Information and Market Efficiency in a Betting Model S. Figlewski
Racetrack Betting and Informed Behavior P. Asch, B.G. Malkiel and R.E. Quandt
Applications of Logit Models in Racetrack Data V.S.Y. Lo
Betting and Equilibrium R.E. Quandt
Differences of Opinion at the Racetrack S.R. Blough
Prices of State Contingent Claims with Insider Traders, and the Favourite-Longshot Bias H.S. Shin

PART V. PRICES VERSUS HANDICAPPING: PLACE AND SHOW ANOMALIES
Introduction to Prices versus Handicapping: Place and Show Anomalies D.B. Hausch, V.S.Y. Lo and W.T. Ziemba
Market Efficiency in Racetrack Betting P. Asch, B.G. Malkiel and R.E. Quandt
Market Efficiency in Racetrack Betting: Further Evidence and a Correction
Efficiency of the Market for Racetrack Betting D.B. Hausch, W.T. Ziemba and M.R. Rubinstein
Transactions Costs, Extent of Inefficiencies, Entries and Multiple Wagers in a Racetrack Betting Model
Arbitrage Strategies for Cross-Track Betting on Major Horse Races D.B. Hausch and W.T. Ziemba
Locks at the Racetrack D.B. Hausch and W.T. Ziemba
Racetrack Betting – An Example of a Market with Efficient Arbitrage J.R. Ritter

PART VI. EFFICIENCY OF EXOTIC WAGERING MARKETS
Introduction to the Efficiency of Exotic Wagering Markets D.B. Hausch, V.S.Y. Lo and W.T. Ziemba
Some Evidence of the Efficiency of a Speculative Market M.M. Ali
Efficiency and Profitability in Exotic Bets P. Asch and R.E. Quandt
How Accurately do Bettors Bet on Doubles? V.S.Y. Lo and K. Busche
Pricing Exotic Racetrack Wagers D.B. Hausch, V.S.Y. Lo and W.T. Ziemba
On the Efficiency of the Market for Double (Quinella) Bets at a Finnish Racetrack A. Kanto and G. Rosenthal
Efficient Market Adjustment of Odds Prices to Reflect Track Biases B.R. Canfield, B. Fauman and W.T. Ziemba
Post Position Bias; An Econometric Analysis of the 1987 Season at Exhibition Park S. Betton

PART VII. RESEARCH IN THE COMMONWEALTH AND ASIA
Introduction to the Efficiency of Racetrack Betting Markets in England D.B. Hausch, V.S.Y. Lo and W.T. Ziemba
On the Efficiency and Equity of Betting Markets J. Dowie
Winning Systems? Some Further Evidence on Insiders and Outsiders in British Horse Race Betting
An Examination of Market Efficiency in British Racetrack Betting P.E. Gabriel and J.R. Marsden
An Examination of Market Efficiency in British Racetrack Betting: Errata and Corrections
The Dr. Z Betting System in England W.T. Ziemba and D.B. Hausch
The Efficiency of Racetrack Betting Markets: Australian Evidence R. Bird and M. McCrae
Anomalies in the Gambling Market R.H. Tuckwell
Tests of the Efficiency of Racetrack Betting Using Bookmaker Odds R. Bird and M. McCrae
An Exception to the Risk Preference Anomaly K. Busche and C.D. Hall
Efficient Market Results in an Asian Setting K. Busche
Cross-Track Betting: Is the Grass Greener on the Other Side? S.M. Leong and K.G. Lim

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Tags: Donald Hausch, Victor Lo, William Ziemba, Efficiency, Racetrack