More documents from Johnson, Johnnie; Bruce, Alistair Cameron; Yu, Jiejun
More documents from Applied Economics
Export to your Reference Manager
Please Copy & Paste
Bibtex-Export
Endnote-Export
The ordinal efficiency of betting markets: an exploded logit approach
[journal article]
Johnson, Johnnie; Bruce, Alistair Cameron; Yu, Jiejun
Download full text
(494 KByte)
Citation Suggestion
Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-238910
Further Details
| 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. |
| Classification | Political Economy; Economic Sectors |
| Free Keywords | market efficiency; betting; information |
| Document language | English |
| Publication Year | 2008 |
| Page/Pages | p. 3703-3709 |
| Journal | Applied Economics, 42 (2008) 29 |
| DOI | http://dx.doi.org/10.1080/00036840802314622 |
| Status | Postprint; reviewed |
| Licence | PEER Licence Agreement (applicable only to documents from PEER project) |
| Document Type | journal article |
