巴黎- mutuel博彩市场:重新审视赛马场和彩票

IF 5 3区 经济学 Q1 BUSINESS, FINANCE Annual Review of Financial Economics Pub Date : 2023-11-01 DOI:10.1146/annurev-financial-053122-021925
William T. Ziemba
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引用次数: 0

摘要

本调查讨论了在赛马场和彩票投资市场的研究的艺术状态。市场效率和各种赌注的定价随着塞勒理论的新发展而被研究。津巴(1988)回顾。使用随机规划优化模型的弱形式低效市场定价方法将赛马场博彩从阻碍转变为允许专业辛迪加作为对冲基金运作的金融市场。讨论的主题包括套利和风险套利,辛迪加,博彩交易所回扣,行为偏差,以及赛马场和彩票市场的基本和错误定价信息。类似的模型可以用来成功地交易股票市场的异常。补充材料包括在网上。
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Pari-Mutuel Betting Markets: Racetracks and Lotteries Revisited
This survey discusses the state of the art in research in racetrack and lottery investment markets. Market efficiency and the pricing of various wagers are studied along with new developments since the Thaler & Ziemba (1988) review. The weak form inefficient market pricing approach using stochastic programming optimization models changed racetrack betting from handicapping to a financial market allowing professional syndicates to operate as hedge funds. Topics discussed include arbitrage and risk arbitrage, syndicates, betting exchange rebates, behavioral biases, and fundamental and mispricing information in racetrack and lottery markets. Similar models can be used to successfully trade stock market anomalies. Supplemental Materials are included online.
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来源期刊
CiteScore
5.00
自引率
0.00%
发文量
26
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