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| Author: | Kaplan, E. H. Garstka, S. J. |
| Title: | March Madness and the Office Pool |
| Journal: | Management Science
2001 : MAR, VOL. 47:3, p. 369-382 |
| Index terms: | STATISTICAL METHODS OFFICES GAMES |
| Language: | eng |
| Abstract: | March brings March Madness, the annual conclusion to the U.S. men's college basketball season with two single elimination basketball tournaments showcasing the best college teams in the country. Almost as mad is the plethora of office pools across the country where the object is to pick a priori as many game winners as possible in the tournament. More generally, the object in an office pool is to maximize total pool points, where different points are awarded for different correct winning predictions. The authors consider the structure of single elimination tournaments, and show how to efficiently calculate the mean and the variance of the number of correctly predicted wins for a given slate of predicted winners. The authors apply these results to both random and Markov tournaments. |
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