Handbook of Sports and Lottery Markets
Edited By
Donald Hausch, University of Wisconsin, Madison, USA
G. Constantinides, University of Chicago, Chicago, IL, USA
W.T. Ziemba, University of British Columbia, Vancouver, Canada
H.M Markowitz, University of California-San Diego, La Jolla, CA, USA
R.C. Merton, Harvard Business School, Cambridge, MA, USA
S.C. Myers, MIT, Sloan School of Management, Cambridge, MA, USA
P.A. Samuelson, Mass Inst. of Technology, Cambridge, MA, USA
W.F. Sharpe, Graduate School of Business, Stanford, CA, USA
Kenneth Arrow, Stanford University, Stanford, CA, USA
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Contents
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I. INDUSTRY STUDIES 1. Pari-mutuel Horse Race Wagering – Competition from Within and Outside the Industry Mukhtar Ali, University of Kentucky and Richard Thalheimer, University of Louisville II. UTILITY AND PROBABILITY ESTIMATION
2. Utility and preference estimation Bruno Jullien, Universite de Toulouse and Bernard Salanie, Centre de Recherche en Economie et Statistique
3. Comparing Efficiency of the Over/Under Bets on NFL and NBA Games Joseph Golec and Murray Tamarkin, Clark University
4. Approximating the ordering probabilities of multi-entry competitions by a simple method Victor Lo, Fidelity Investments, Boston and John Bacon-Shone, Social Sciences Research Centre. University of Hong Kong III. FAVORITE-LONGSHOT BIAS IN THE WIN MARKET
5. The Favorite Longshot Bias: An Overview of the Main Explanations Marco Ottaviani, London Business School and Peter Norman Sorensen, University of Copenhagen 6. Examining explanations of a market anomaly: preferences or perceptions? Erik Snowberg, Stanford University and Justin Wolfers, University of Pennsylvania
7. Unifying the Favorite-Longshot Bias with Other Market Anomalies Russell S. Sobel and Matt E. Ryan, Department of Economics, West Virginia University
8. The Favorite-Longshot Bias in S&P 500 and FTSE 100 Index Futures Options: The Return to Bets and the Cost of Insurance Robert G. Tompkins, Hochschule fur Bankwirtschaft, Germany, William T. Ziemba, UBC, and Stewart D. Hodges, Univesity of Warwick IV. WEAK MARKET EFFICIENCY
9. Efficiency of racetrack betting markets Donald B. Hausch, University of Wisconsin and William T. Ziemba, UBC
10. Modeling Distance Preference and Pace Character in Thoroughbred Turf Racing David Edelman, University College, Dublin
11. Pointspread and Odds Betting in Baseball, Basketball and American Football Hal S. Stern, University of California, Irvine
12. Arbitrage and risk arbitrage in Team Jai Alai Daniel Lane, University of Ottawa and William T. Ziemba, UBC V. SEMI-STRONG FORM EFFICIENCY
13. Semi-strong form efficiency in the horserace betting market Johnnie Johnson and Ming-Chien Sung, University of Southhampton
14. The dosage breeding theory for horseracing predictions Marshall Gramm, Rhodes College and William T. Ziemba, UBC
15. Efficiency in Horse Race Betting Markets: The Role of Professional Tipsters Olivier Gergaud, University of Reims and Bruno Deschamps, University of Bath
16. Hong Kong markets TBA John Bacon-Shone et al, Hong Kong University VI. PREDICTION MARKETS
17. Index betting for sports and stock indices John Haigh, University of Sussex and Leighton Vaughan Williams, The Nottingham Trent University
18. Prediction Markets: From Politics to Business (and Back) Erik Snowberg, Stanford University, Justin Wolfers, University of Pennsylvania and E. Zitzewitz, Dartmouth College
19. Betting exchanges: a technological revolution in sports betting Michael A. Smith, Canterbury Christ Church University Leighton Vaughan Williams, Nottingham Business School, Nottingham Trent University VII. SOCCER
20. British soccer betting in Britain David Forrest, University of Salford
21. Efficiency of soccer betting odds - evidence from a pan-European electronic market Stephen Kossmeier and Simon Weinberger, Institute for Advanced Studies, Vienna, Austria VIII. LOTTERIES
22. Economics of lottery markets Ian Walker, University of Warwick
23. The statistics of lotteries John Haigh, University of Sussex
24. US lotto markets Victor Matheson, Holy Cross College and K. Grote, Lake Forest College