search query: @author Fauman, B. C. / total: 1
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| Author: | Canfield, B. R. Fauman, B. C. Ziemba, W. T. |
| Title: | Efficient market adjustment of odds prices to reflect track biases. |
| Journal: | Management Science
1987 : NOV, VOL. 33:11, p. 1428-1439 |
| Index terms: | BIAS GAMBLING INDUSTRY UNCERTAINTY |
| Language: | eng |
| Abstract: | Biases that reflect the economic worth of uncertain contingent claims occur in many financial markets. Parimutuel betting at racetracks is one such market with ample data to investigate such biases. The total wagering market is about 10 billion USD per year in North America. The configuration of racetracks leads to an advantage for horses breaking from post positions near the rail, especially for tracks with small circumferences. Investigation of data from 3.345 races from 1982, 1983 and 1984 indicates that the bias exists but the prices adjust to fully negate the potential gains from the bias. |
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