Efficiency Of Racetrack Betting Markets by Donald B. Hausch

By Donald B. Hausch

A reprint of 1 of the vintage volumes on racetrack potency, this booklet is the one one in its box that bargains with the racetrack making a bet marketplace in-depth, containing the entire very important historic papers on racetrack potency. As evidenced via the gathering of articles, the knowledge of racetrack having a bet is obviously drawn from, and has correspondingly lower back anything to, the entire fields of psychology, economics, finance, statistics, arithmetic and administration technology.

Contents: mental reviews; application personal tastes of Racetrack Bettors; fiscal and Mathematical Insights; potency of Win Markets and the Favorite-Longshot Bias; costs as opposed to Handicapping: position and convey Anomalies; potency of unique Wagering Markets; study within the Commonwealth and Asia.

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First, the E for odds of less than 3-1. wliich l i ~ shcen positive for all tlie other subsamples, is found to be roughly equal to zcro. Secondly. 19) than usual, heing significantly greater (beyond the 5 % level of confidence) than tlie corresponding value for the total sample. 32) for odds of around 21-1. This is the lowest E for any of the sample^. While this pattern is quite different from tlio:e of tlie rciiiaindcr of the data. the differences are probahly not related to betting behavior on previous races.

I! I7 . It . I* -I ,I I. ,I I* I* I1 (N= 9248) '. 1 1 a I 1 1 l I n ir 14 I I I. I' ODDS, EIGHTH RACES (N = 15 13) I FIG. 1. EXPECTED VALUESOF ONE DOLL- BE= I# I I 11 hs A F u N C r l O N O F 000s. dollar bet, in addition to the original wager. 60. OR. 91-1. 32-1. 1 L. STABILITY OF CHOICES AMONG UNCERTAIN ALTERNATIVES 21 A lioritoiital line is drawn on the graph at a n expectation, E , of zero. 10. 00 is significant beyond tlie 5 % level of confidence. 22. * Eypcrrrd vdwcr /or iubramplrr. -odds relationship ps the racing day proceeded.

K i n g on h o r s e - n c a oRen p c r sc spccific but oon-trivial psychological ptoblm' Undoubtedly the m a t common form of gambling. ' The emorionally rich background of fate and money makes this a promisinl field for observing varierp in personality. ~ ~~~ A Accepted for puhlication October 5. 1948. The author is indebted to bl: EsIa. editor of The Blood Horse, for source material and valuable s u g ~ a t i m * E. A. k h e l l . Probabiliv: A function of ideology, this JOCXXAL, S3, 604-609.

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