Download full text
(494.1Kb)
Citation Suggestion
Please use the following Persistent Identifier (PID) to cite this document:
https://nbn-resolving.org/urn:nbn:de:0168-ssoar-238910
Exports for your reference manager
The ordinal efficiency of betting markets: an exploded logit approach
[journal article]
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... view more
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.... view less
Keywords
information
Classification
Economic Sectors
Political Economy
Free Keywords
market efficiency; betting
Document language
English
Publication Year
2008
Page/Pages
p. 3703-3709
Journal
Applied Economics, 42 (2008) 29
DOI
https://doi.org/10.1080/00036840802314622
Status
Postprint; peer reviewed
Licence
PEER Licence Agreement (applicable only to documents from PEER project)