Efficiency of Racetrack Betting Markets (ECONOMIC THEORY, ECONOMETRICS, AND MATHEMATICAL ECONOMICS) - Hardcover

Hardcover

ISBN 10: 0123330300 ISBN 13: 9780123330307

Publisher: Academic Press, 1994

Synopsis

Top experts provide an outstanding collection of major academic findings on racetrack betting markets. Coverage includes psychological studies, utility preferences, economic and mathematical analysis, and examines betting strategies from win-place-show to exotics such as quinella and exacta.
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* Explores the academic and theoretical aspects of horse-racing and racetrack betting markets.
* Offers economic, financial, and psychological studies on gambling
* Includes mathematical and statistical models for probability estimations and wagering systems.
* Features an international analysis of risk behaviour and market efficiency on racetrack markets.

About this title

About the Author

William T Ziemba is the Alumni Professor of Financial Modeling and Stochastic Optimization, Emeritus in the Sauder School of Business, University of British Columbia, Canada where he taught from 1968 to 2004. He now teaches as a Visiting Professor. He has been a Visiting Professor at Cambridge, Oxford, London School of Economics, and Warwick in the UK; Stanford, UCLA, Berkeley, Chicago and MIT in the US; Bergamo and Venice in Italy; Tsukuba in Japan; and the National University of Singapore. Leading financial institutions which he has been consultant to include the Frank Russell Company, Morgan Stanley, Buchanan Partners and Gordon Capital. His research is in asset-liability management, portfolio theory and practice, security market imperfections, Japanese and Asian financial markets, sports and lottery investments and applied stochastic programming.

Victor SY Lo is currently Vice President, Decision Sciences at Fidelity Investments where he manages a team of analytic professionals. Previously, he was VP and Manager of Modeling and Analysis at FleetBoston Financial, and a Senior Associate at Mercer Management Consulting. In addition to analytics and management, his work has included bridging the gap between data miners, business analysts, and marketers by recommending and applying novel techniques to maximize business impact. Throughout Lo's industrial career, he has applied experimental design for conjoint-based surveys and direct marketing, time series analysis for measuring advertising effectiveness, propensity score matching for causal measurement, correspondence analysis for perceptual mapping, cluster analysis for segmentation, discrete choice analysis for pricing and feature optimization, survival analysis for employee retention, and data mining techniques such as decision tree and neural network for database marketing. His academic research included applications of probability, statistical, and nonlinear optimization models in gambling strategies and quality engineering. He has published articles in management science, data mining, and statistics literature.

Donald B Hausch is the Dickson-Bascom Professor of Business at the University of Wisconsin-Madison. His main areas of research are auction theory, contract theory and the empirical investigation of market inefficiency. Hausch has coauthored two books and coedited two volumes. He has written numerous articles published in the American Economic Review, Review of Financial Studies, International Economic Review, Management Science, Journal of Business, Journal of Applied Corporate Finance, Economic Theory, RAND Journal of Economics, and other journals. He has consulted for the World Bank on the resolution of systemic financial distress.

Review

"This volume contains many seminal works exploring the efficiency of racetrack betting markets. Since its first publication, this book fast became the bible for all leading betting market scholars and practitioners. The contents have been debated at many academic conferences and the ideas contained here have spawned several successful racing syndicates. There are gems within these pages for the discerning scholar of speculative markets in general and racetrack betting markets in particular. Each time I read the book, fresh ideas for new research spring to mind. This is a 'must read' and a 'must re-read' for anyone seriously interested in racetrack betting markets. For those who have stalked the Internet trying desperately to get hold of a copy of the original volume at a reasonable price, this is a much welcomed 2008 edition." --Professor Johnnie E V Johnson, Director, Centre for Risk Research, University of Southampton, UK

"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. It is indeed a genuine classic which is as relevant today as it was on the day it was first published. As such, it deserves pride of place on the desks of all who care about this fascinating field of enquiry." --Professor Leighton Vaughan Williams, Director of the Betting Research Unit at Nottingham Business School, Nottingham Trent University, Editor of Information Efficiency in Financial and Betting Markets, Cambridge University Press

"Horseplayers have long understood what economists have recently come to appreciate -- that the racetrack provides an intriguing laboratory for a better understanding of human behavior. Every year millions of dollars are gambled on horses, and crunching the numbers yields important insights into how real people think about risk and uncertainty, and about how we are often rational and sometimes irrational when making our picks. This extraordinary volume brings together much of the key economic research on these questions, while keeping a consistent focus on the racetrack. The various contributions provide an intriguing tour for the roving economist, and also some key insights for the sharp horseplayer." --Justin Wolfers, Assistant Professor, Business and Public Policy, The Wharton School, University of Pennsylvania

Edition details

• Publisher: Academic Press
• Publication date: 1994
• ISBN 10: 0123330300
• ISBN 13: 9780123330307
• Binding: Hardcover
• Language: English
• Edition number: 1
• Number of pages: 648
• Editor: Hausch Donald B., Lo Victor S.Y., Ziemba William T.