We find two types of direct evidence of antiherding behavior in forecasting. Efficiency of racetrack betting markets by donald b. While there is a large body of literature devoted to the study of various aspects of the efficiency of betting markets, and especially horserace betting markets, there are contexts for and forms. Since the track is a market similar in many ways to the stock market one would expect that the basic strategies would be either fundamental or technical in nature.
Pdf efficiency of the market for racetrack betting researchgate. Efficiency of the market for racetrack betting management science. 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 indepth, containing all the important historical papers on racetrack efficiency. Efficiency of the market for racetrack betting, world scientific book chapters, in.
The six key betting principles that professional bettors use to ensure profit at the sports book. Subjective information and market efficiency in a betting market, world scientific book chapters, in. 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 indepth, containing. Buy efficiency of racetrack betting markets world scientific handbook in financial economics on. Efficiency of racetrack betting markets world scientific. This 2008 edition is coming out simultaneously with the handbook of. Subjective information and market efficiency in a betting. World scientific handbook in financial economics series efficiency of racetrack betting markets, pp. Betting market efficiency at premiere racetracks 87 denoting the amount bet on an individual horse so that w w n i. If a race track betting market is not efficient, there could be three explanations. Ni are the number of horses, and the number who won, respectively, at odds oi wq wi 1. Efficiency of racetrack betting markets world scientific handbook. This chapter analyzes the role played by professional tipsters in horse racing betting markets. First, the distance between their forecasts and the public information is inconsistent with truthful forecasting.
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