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Topcat
04-14-2013, 05:51 PM
Has anyone read the following book:
Information Efficiency in Financial and Betting Markets
see for PDF summaries
http://ebooks.cambridge.org/ebook.jsf?bid=CBO9780511493614

there's a couple of chapters that look interesting and liek to know more about:
3 - Semi-strong and strong form information efficiency in betting markets:
5 - The presence of favourites and biases in bookmakers' odds:
6 - Searching for semi-strong form inefficiency in the UK racetrack betting market:
9 - Biases and insider trading in exotic bets on thoroughbreds:

it was published in 2005 and says available online

erikeepper
04-17-2013, 05:51 AM
I have read some of it but that was a long time ago. What exactly do you want to know?

ChrisA
04-18-2013, 02:17 PM
I've read chapter 6. They use Bolton & Chapman (1986), Benter (1994) & Chapman's (1994) studies to model the Goodwood racetrack using a sample of races from 1995 to 2000. If you had trouble understanding the original papers, then this is a fairly good summary of procedures.

Topcat
04-19-2013, 03:24 AM
I have read some of it but that was a long time ago. What exactly do you want to know?

anything new or insights that go beyond the usual longshot/favorite bias

erikeepper
04-19-2013, 04:27 PM
anything new or insights that go beyond the usual longshot/favorite bias

I dont think so. In those papers you posted, Fav-longshot -bias was found also in the quinella and trifecta markets. Shorter the price, bigger the bias in all pools. In paper #6 they managed to create a logit-model that produced profit.

Topcat
04-27-2013, 04:14 AM
thanks Eric
what was their logit model like? i vaguely remember a book called Horse Sense by the late Burton Fabricand that attempted the same thing-just didn't hold up in testing.