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The ordinal efficiency of betting markets: an exploded logit approach


Johnson, Johnnie; Bruce, Alistair Cameron; Yu, Jiejun


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-238910

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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 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.
Thesaurusschlagwörter information
Klassifikation Volkswirtschaftslehre; Wirtschaftssektoren
Freie Schlagwörter market efficiency; betting
Sprache Dokument Englisch
Publikationsjahr 2008
Seitenangabe S. 3703-3709
Zeitschriftentitel Applied Economics, 42 (2008) 29
DOI http://dx.doi.org/10.1080/00036840802314622
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)