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The Efficiency Of Racetrack Betting Markets: Australian Evidence

In: Efficiency Of Racetrack Betting Markets

Author

Listed:
  • R. Bird

    (TPF&C Ltd. Consulting Actuaries, Melbourne, Australia)

  • M. McCrae

    (Dept. of Accountancy, University of Wollongong, NSW, Australia)

Abstract

The following sections are included:IntroductionGambling in AustraliaAustralian EvidenceUtility Preferences of Racetrack BettorsEfficiency of Win Markets and the Favourite-Longshot BiasThe Movements in Bookmaker OddsTipsters InformationInsider InformationTwo Markets, Bookmakers and the TotalisatorPrices vs. Handicapping: Place and Show AnomaliesNew Zealand EvidenceOther IssuesEndnotesReferences

Suggested Citation

  • R. Bird & M. McCrae, 2008. "The Efficiency Of Racetrack Betting Markets: Australian Evidence," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 57, pages 575-582, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0057
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    Citations

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    Cited by:

    1. Tai, Chung-Ching & Lin, Hung-Wen & Chie, Bin-Tzong & Tung, Chen-Yuan, 2019. "Predicting the failures of prediction markets: A procedure of decision making using classification models," International Journal of Forecasting, Elsevier, vol. 35(1), pages 297-312.
    2. M. Sung & J. E. V. Johnson, 2010. "Revealing Weak‐Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies," Economica, London School of Economics and Political Science, vol. 77(305), pages 128-147, January.
    3. Vaughan Williams, Leighton, 1999. "Information Efficiency in Betting Markets: A Survey," Bulletin of Economic Research, Wiley Blackwell, vol. 51(1), pages 1-30, January.
    4. Alistair C. Bruce & Johnnie E. V. Johnson & John D. Peirson & Jiejun Yu, 2009. "An Examination of the Determinants of Biased Behaviour in a Market for State Contingent Claims," Economica, London School of Economics and Political Science, vol. 76(302), pages 282-303, April.
    5. Leighton Vaughan Williams & David Paton, 1998. "Why are some favourite-longshot biases positive and others negative?," Applied Economics, Taylor & Francis Journals, vol. 30(11), pages 1505-1510.
    6. Leighton Vaughan Williams & David Paton, 1997. "Does information efficiency require a perception of information inefficiency?," Applied Economics Letters, Taylor & Francis Journals, vol. 4(10), pages 615-617.

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