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Concavity Properties of Racetrack Betting Models

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • J. G. Kallberg

    (New York University, USA)

  • W. T. Ziemba

    (University of British Columbia, Canada)

Abstract

Suppose in a given horserace there are n horses and the ith horse's chances of winning is qi. Let W1 be the amount bet on i by the crowd, W ≡ ∑W1 and 1–Q be the percentage track take…

Suggested Citation

  • J. G. Kallberg & W. T. Ziemba, 2008. "Concavity Properties of Racetrack Betting Models," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 14, pages 99-107, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789812819192_0014
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