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The ordinal efficiency of betting markets: an exploded logit approach
[Zeitschriftenartikel]
Abstract This paper offers a new perspective on efficiency in betting markets by examining the degree to which finishing order in horseraces corresponds to probabilities inherent in odds across different categories of horserace. The application of an exploded logit procedure reveals a significantly greater d... mehr
This paper offers a new perspective on efficiency in betting markets by examining the degree to which finishing order in horseraces corresponds to probabilities inherent in odds across different categories of horserace. The application of an exploded logit procedure reveals a significantly greater degree of ordinal efficiency in higher relative to lower class races. Explanations for the phenomenon include differences in prize-related incentives, cross-market distinctions in information markets and differential opportunity/incentive for market manipulation.... weniger
Thesaurusschlagwörter
Information
Klassifikation
Wirtschaftssektoren
Volkswirtschaftslehre
Freie Schlagwörter
market efficiency; betting
Sprache Dokument
Englisch
Publikationsjahr
2008
Seitenangabe
S. 3703-3709
Zeitschriftentitel
Applied Economics, 42 (2008) 29
DOI
https://doi.org/10.1080/00036840802314622
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)