Quote:
|
Originally Posted by robert99
Does the price really effect the chance of winning, or does the chance of winning effect the price?
|
I, too, have difficulty with the concept (or with my understanding of it) of the odds themselves affecting a horse's winning chances, although Gordon Pine used it as the basis for his A/E gauge. To me, the odds are a dependent variable driven by the public's interpretation of the whole body of information that is available about a given field. And the public, although remarkably accurate in the aggregate, can be wrong on a regular basis about the odds that it assigns to individual horses in individual races. Of course, horses at lower odds win at a greater rate than horses at higher odds, but (again, in my opinion) it's their superior performance attributes that both produce that winning result, and that also account for the fact that they go off at low odds.
