The ordinal efficiency of betting markets: an exploded logit approach

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[Zeitschriftenartikel]

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

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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)