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multinomial logit
Thanks for all the post. This is very interesting.
Here is what I know to do regarding Multinomial Logit.
All the big computer betting syndicates use Multinomial Logit or something similar. Bill Benter uses Multinomial Probit as he says it gives him a 5 to 10 percent increase in profits. He used Multinomial logit before he went to Multinomial Probit Two factors that Benter uses is Average Normalized Finishing Position and Recency Weighted Finishing Position. In Hong Kong, he uses ranking factors also. One could not do this in the United States, because of the number of horses running
If anyone wants these fromulas, email me and I will give those to you. Benter says if you are wanting to start a computer model, these are 2 factors you would start a model with for horse racing.
I have to go to work, I will post some more later.
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