Since the track is a market similar in many ways to the stock market one would expect that the basic strategies would be. Efficiency of racetrack betting markets world scientific handbook. 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. 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. First, the bettors may not have an accurate perception of which horse will win a.
Subjective information and market efficiency in a betting. Efficiency of racetrack betting markets world scientific. This 2008 edition is coming out simultaneously with the handbook of. If a race track betting market is not efficient, there could be three explanations. World scientific handbook in financial economics series efficiency of racetrack betting markets, pp. First, the distance between their forecasts and the public information is inconsistent with truthful forecasting. Efficiency of racetrack betting markets has attained cult status among serious students of betting, and the few copies in private hands have long been prized and jealously guarded by their owners. We find two types of direct evidence of antiherding behavior in forecasting. Sports and lottery markets edited by donald b hausch and william t ziemba published by. This chapter analyzes the role played by professional tipsters in horse racing betting markets.
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