The ordinal efficiency of betting markets: an exploded logit approach

References

• Asch , P , Malkiel , BG and Quandt , RE . 1982 . Racetrack betting and informed behaviour . Journal of Financial Economics , 10 : 187 – 94 .
   Web of Science ®Google Scholar
• Bolton , R and Chapman , RG . 1986 . Searching for positive returns at the track: a multinomial logit model for handicapping horse races . Management Science , 32 : 1040 – 60 .
   Web of Science ®Google Scholar
• Boulier , BL , Stekler , HO and Amundson , S . 2006 . Testing the efficiency of the National Football League betting market . Applied Economics , 38 : 279 – 84 .
   Web of Science ®Google Scholar
• British Horseracing Board/Horseracing Regulatory Authority . 2006 . The Orders and Rules of Racing , London : British Horseracing Authority .
   Google Scholar
• Bruce , AC and Johnson , JEV . 1992 . Toward an explanation of betting as a leisure pursuit . Leisure Studies , 11 : 201 – 18 .
   Google Scholar
• Bruce , AC and Johnson , JEV . 2005 . Market ecology and decision behaviour in state-contingent claims markets . Journal of Economic Behavior & Organization , 56 : 199 – 217 .
   Web of Science ®Google Scholar
• Bruce , AC , Johnson , JEV and Tang , L . 2005 . Trading volume and betting market efficiency: the role of insiders in Paper Presented at the European Association for the Study of Gambling Conference, Malmo, Sweden
   Google Scholar
• Busche , K . 1994 . “ Efficient market results in an Asian setting ” . In Efficiency of Racetrack Betting Markets , Edited by: Hausch , DB , Lo , VSY and Ziemba , WT . 615 – 16 . London : Academic Press .
   Google Scholar
• Chapman , RG and Staelin , R . 1982 . Exploiting rank ordered choice set data within the stochastic utility model . Journal of Marketing Research , 19 : 288 – 301 .
   Web of Science ®Google Scholar
• Dare , WH and Holland , S . 2004 . Efficiency in the NFL betting market: modifying and consolidating research methods . Applied Economics , 36 : 9 – 15 .
   Web of Science ®Google Scholar
• Dowie , J . 1976 . On the efficiency and equity of betting markets . Economica , 43 : 139 – 50 .
   Web of Science ®Google Scholar
• Gander , JM , Zuber , RA and Johnson , RS . 2001 . Searching for the favourite-longshot bias down under: an examination of the New Zealand pari-mutuel betting market . Applied Economics , 33 : 1621 – 9 .
   Web of Science ®Google Scholar
• Harville , DA . 1973 . Assigning probabilities to the outcome of multi-entry competitions . Journal of the American Statistical Association , 68 : 312 – 6 .
   Web of Science ®Google Scholar
• Hoerl , AE and Fallin , HK . 1974 . Reliability of subjective evaluations in a high incentive situation . Journal of the Royal Statistical Society A , 137 : 227 – 30 .
   Web of Science ®Google Scholar
• Johnson , JEV and Bruce , AC . 1993 . Gluck's second law: an empirical investigation of horse race betting in early and late races . Psychological Reports , 72 : 1251 – 68 .
   Web of Science ®Google Scholar
• Kopelman , RE and Minkin , BL . 1991 . Towards a psychology of parimutuel behaviour: test of Gluck's laws . Psychological Reports , 68 : 701 – 2 .
   Web of Science ®Google Scholar
• Luce , RD and Suppes , P . 1965 . “ Preference utility, and subjective probability ” . In Handbook of Mathematical Psychology , Edited by: Luce , RD , Bush , RR and Galanter , EH . 249 – 410 . New York : John Wiley .
   Google Scholar
• Snyder , WW . 1978 . Horse racing: testing the efficient markets model . Journal of Finance , 33 : 1109 – 18 .
   Web of Science ®Google Scholar
• Sobel , RS and Raines , ST . 2003 . An examination of the empirical derivatives of the favourite-longshot bias in racetrack betting . Applied Economics , 35 : 371 – 85 .
   Web of Science ®Google Scholar
• Thaler , R and Ziemba , W . 1988 . Parimutuel betting markets: racetracks and lotteries . Journal of Economic Perspectives , 2 : 161 – 74 .
   Web of Science ®Google Scholar
• Vaughan Williams , L . 2005 . Information Efficiency in Financial and Betting Markets , Cambridge : Cambridge University Press .
   Google Scholar
• Vaughan Williams , L and Paton , D . 1997 . Why is there a favourite-longshot bias in British racetrack betting markets? . Economic Journal , 107 : 150 – 8 .
   Web of Science ®Google Scholar
• Wald , A . 1943 . Tests of statistical hypotheses concerning several parameters, when the number of observations is large . Transactions of the American Mathematical Society , 54 : 426 – 82 .
   Google Scholar
• Watson , PL and Westin , RB . 1975 . Transferability of disaggregate mode choice models . Regional Science and Urban Economics , 5 : 227 – 49 .
   Web of Science ®Google Scholar
• Winter , S and Kukuk , M . 2008 . Do horses like vodka and sponging?–on market manipulation and the favourite-longshot bias . Applied Economics , 40 : 75 – 87 .
   Web of Science ®Google Scholar