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Format: 1 online resource (xvii, 392 pages) : , digital, PDF file(s).

ISBN: 1-107-14479-5 , 1-280-25603-6 , 0-511-12763-4 , 0-511-12781-2 , 0-511-19995-3 , 0-511-49361-4 , 0-511-32685-8 , 0-511-12728-6

Content: The degree to which markets incorporate information is one of the most important questions facing economists today. This book provides a fascinating study of the existence and extent of information efficiency in financial markets, with a special focus on betting markets. Betting markets are selected for study because they incorporate features highly appropriate to a study of information efficiency, in particular the fact that each bet has a well-defined end point at which its value becomes certain. Using international examples, this book reviews and analyses the issue of information efficiency in both financial and betting markets. Part I is an extensive survey of the existing literature, while Part II presents a range of readings by leading academics. Insights gained from the book will interest students of financial economics, financial market analysts, mathematicians and statisticians, and all those with a special interest in finance or gambling.

Note: Title from publisher's bibliographic system (viewed on 05 Oct 2015). , Information efficiency in financial markets / , Weak form information efficiency in betting markets / , Semi-strong and strong form information efficiency in betting markets / , An assessment of quasi-arbitrage opportunities in two fixed-odds horse-race betting markets / , The presence of favourites and biases in bookmakers' odds / , Searching for semi-strong form inefficiency in the UK racetrack betting market / , English

Additional Edition: ISBN 0-521-10817-9

Additional Edition: ISBN 0-521-81603-3

Language: English

Subjects: Economics

URL: Volltext  (lizenzpflichtig)

URL: https://doi.org/10.1017/CBO9780511493614

URL: https://doi.org/10.1017/CBO9780511493614

UID:

Format: 1 Online-Ressource (1 v)

ISBN: 9781784710262

Note: The recommended readings are available in the print version, or may be available via the link to your library's holdings , Recommended readings (Machine generated): R.M. Griffith (1949), 'Odds Adjustments by American Horse-Race Bettors', American Journal of Psychology, 62 (2), April, 290-94 -- Wayne W. Snyder (1978), 'Horse Racing: Testing the Efficient Markets Model', Journal of Finance, XXXIII (4), September, 1109-18 -- Richard H. Thaler and William T. Ziemba (1988), 'Anomalies. Parimutuel Betting Markets: Racetracks and Lotteries', Journal of Economic Perspectives, 2 (2), Spring, 161-74 -- Jack Dowie (1976), 'On the Efficiency and Equity of Betting Markets', Economica, New Series, 43 (170), May, 139-50 -- Richard E. Quandt (1986), 'Betting and Equilibrium', Quarterly Journal of Economics, 101 (1), February, 201-7 -- Joseph Golec and Maurry Tamarkin (1998), 'Bettors Love Skewness, Not Risk, at the Horse Track', Journal of Political Economy, 106 (1), 205-25 -- , William Hurley and Lawrence McDonough (1995), 'A Note on the Hayek Hypothesis and the Favorite-Longshot Bias in Parimutuel Betting', American Economic Review, 85 (4), September, 949-55 -- Michael A. Smith, David Paton and Leighton Vaughan Williams (2006), 'Market Efficiency in Person-to-Person Betting', Economica, 73, November, 673-89 -- Hyun Song Shin (1991), 'Optimal Betting Odds against Insider Traders', Economic Journal, 101 (408), September, 1179-85 -- Leighton Vaughan Williams and David Paton (1997), 'Why is There a Favourite-Longshot Bias in British Racetrack Betting Markets?', Economic Journal, 107 (440), January, 150-58 -- N.F.R. Crafts (1985), 'Some Evidence of Insider Knowledge in Horse Race Betting in Britain', Economica, New Series, 52 (207), August, 295-304 -- Leighton Vaughan Williams (1999), 'Information Efficiency in Betting Markets: A Survey', Bulletin of Economic Research, 51 (1), 1-30 -- , M. Sung and J.E.V. Johnson (2010), 'Revealing Weak-Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies', Economica, 77, January, 128-47 -- Ruth N. Bolton and Randall G. Chapman (1986), 'Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races', Management Science, 32 (8), August, 1040-60 -- Kelly Busche and Christopher D. Hall (1988), 'An Exception to the Risk Preference Anomaly', Journal of Business, 61 (3), July, 337-46 -- Michael Cain, David Law and David Peel (2000), 'The Favourite-Longshot Bias and Market Efficiency in UK Football Betting', Scottish Journal of Political Economy, 47 (1), February, 25-36 -- David Paton and Leighton Vaughan Williams (2005), 'Forecasting Outcomes in Spread Betting Markets: Can Bettors Use "Quarbs" to Beat the Book?', Journal of Forecasting, 24, 139-54 -- , Colin F. Camerer (1989), 'Does the Basketball Market Believe in the "Hot Hand"?', American Economic Review, 79 (5), December, 1257-61 -- William O. Brown and Raymond D. Sauer (1993), 'Does the Basketball Market Believe in the "Hot Hand"? Comment', American Economic Review, 83 (5), December, 1377-86 , Steven D. Levitt (2004), 'Why are Gambling Markets Organised so Differently from Financial Markets?', Economic Journal, 114, April, 223-46 -- William R. Eadington (1999), 'The Economics of Casino Gambling', Journal of Economic Perspectives, 13 (3), Summer, 173-92 -- Daniel B. Suits (1979), 'The Elasticity of Demand for Gambling', Quarterly Journal of Economics, 93 (1), February, 155-62 -- John E. Anderson (2005), 'Casino Taxation in the United States', National Tax Journal, LVIII (2), June, 303-24 -- David Paton, Donald S. Siegel and Leighton Vaughan Williams (2002), 'A Policy Response to the E-Commerce Revolution: The Case of Betting Taxation in the UK', Economic Journal, 112 (480), June, F296-F314 -- David Paton, Donald S. Siegel and Leighton Vaughan Williams (2004), 'Taxation and the Demand for Gambling: New Evidence from the United Kingdom', National Tax Journal, LVII (4), December, 847-61 -- , Ricardo Gazel (1998), 'The Economic Impacts of Casino Gambling at the State and Local Levels', Annals of the American Academy of Political and Social Science, 556, March, 66-84 -- Donald Siegel and Gary Anders (2001), 'The Impact of Indian Casinos on State Lotteries: A Case Study of Arizona', Public Finance Review, 29 (2), March, 139-47 -- Donald S. Elliott and John C. Navin (2002), 'Has Riverboat Gambling Reduced State Lottery Revenue?', Public Finance Review, 30 (3), May, 235-47 -- Douglas M. Walker and John D. Jackson (2008), 'Do U.S. Gambling Industries Cannibalize Each Other?', Public Finance Review, 36 (3), May, 308-33 -- Chad Cotti (2008), 'The Effect of Casinos on Local Labor Markets: A Country Level Analysis', Journal of Gambling Business and Economics, 2, 17-41 -- Patricia B. Reagan and Robert J. Gitter (2007), 'Is Gaming the Optimal Strategy? The Impact of Gaming Facilities on the Income and Employment of American Indians', Economics Letters, 95, 428-32 451 -- , Dek Terrell (1994), 'A Test of the Gambler's Fallacy: Evidence from Pari-mutuel Games', Journal of Risk and Uncertainty, 8 (3), 309-17 -- Charles T. Clotfelter and Philip J. Cook (1991), 'Lotteries in the Real World', Journal of Risk and Uncertainty, 4 (3), 227-32 -- Charles T. Clotfelter and Philip J. Cook (1993), 'Notes: The "Gambler's Fallacy" in Lottery Play', Management Science, 39 (12), December, 1521-5 -- Jonathan Guryan and Melissa S. Kearney (2008), 'Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales', American Economic Review, 98 (1), March, 458-73 -- Thomas A. Garrett and Russell S. Sobel (1999), 'Gamblers Favor Skewness, Not Risk: Further Evidence from United States' Lottery Games', Economics Letters, 63, 85-90 -- David Forrest, Robert Simmons and Neil Chesters (2002), 'Buying a Dream: Alternative Models of Demand for Lotto', Economic Inquiry, 40 (3), July, 485-96 -- , Richard Thalheimer and Mukhtar M. Ali (1995), 'The Demand for Parimutuel Horse Race Wagering and Attendance', Management Science, 41 (1), January, 129-43 , Melissa Schettini Kearney (2005), 'State Lotteries and Consumer Behavior', Journal of Public Economics, 89 (11-12), December, 2269-99 -- Kent R. Grote and Victor A. Matheson (2006), 'Dueling Jackpots: Are Competing Lotto Games Complements or Substitutes?', Atlantic Economic Journal 34, 85-100 , In recent years there has been a substantial global increase in interest in the study of gambling. To some extent this has mirrored seismic changes in the way that betting and gaming markets worldwide are taxed and regulated. This has heightened interest in a wide range of issues related to this sector including its regulation, public policy and commercial strategy as well as the ideal structure of gambling taxes and devising optimal responses to environmental changes, such as the growth of online gambling. This volume, by bringing together the work of leading scholars, will cover the spectrum of such perspectives, as well as examining the efficiency of betting markets, to provide an assessment of developments and current understanding in the study of the economics of gambling. This timely collection will be an immensely valuable resource for academics, policy-makers, those commercially involved in the betting and gaming sectors as well as the interested layman

Language: English

Keywords: Electronic books

DOI: 10.4337/9781784710262

URL: Volltext  (URL des Erstveröffentlichers)

URL: Volltext  (Deutschlandweit zugänglich)

URL: Deutschlandweit zugänglich

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Format: 1 Online-Ressource (XIX, 719 S.) : , Ill., graph., Darst., Kt.

ISBN: 9780199984794

Series Statement: Oxford handbooks

Note: Includes bibliographical references and index

Additional Edition: Erscheint auch als Druck-Ausgabe, Hardcover ISBN 978-0-19-979791-2

Language: English

Subjects: Economics

Keywords: Glücksspielmarkt ; Aufsatzsammlung ; Aufsatzsammlung ; Handbuch

DOI: 10.1093/oxfordhb/9780199797912.001.0001

URL: Volltext

URL: Volltext

URL: lizenzpflichtig

URL: Volltext

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Format: 1 online resource (1 v.) ; , cm.

ISBN: 9781784710262 (e-book)

Series Statement: Elgar research reviews in economics

Content: In recent years there has been a substantial global increase in interest in the study of gambling. To some extent this has mirrored seismic changes in the way that betting and gaming markets worldwide are taxed and regulated. This has heightened interest in a wide range of issues related to this sector including its regulation, public policy and commercial strategy as well as the ideal structure of gambling taxes and devising optimal responses to environmental changes, such as the growth of online gambling. This volume, by bringing together the work of leading scholars, will cover the spectrum of such perspectives, as well as examining the efficiency of betting markets, to provide an assessment of developments and current understanding in the study of the economics of gambling. This timely collection will be an immensely valuable resource for academics, policy-makers, those commercially involved in the betting and gaming sectors as well as the interested layman.

Note: The recommended readings are available in the print version, or may be available via the link to your library's holdings. , Recommended readings (Machine generated): R.M. Griffith (1949), 'Odds Adjustments by American Horse-Race Bettors', American Journal of Psychology, 62 (2), April, 290-94 -- Wayne W. Snyder (1978), 'Horse Racing: Testing the Efficient Markets Model', Journal of Finance, XXXIII (4), September, 1109-18 -- Richard H. Thaler and William T. Ziemba (1988), 'Anomalies. Parimutuel Betting Markets: Racetracks and Lotteries', Journal of Economic Perspectives, 2 (2), Spring, 161-74 -- Jack Dowie (1976), 'On the Efficiency and Equity of Betting Markets', Economica, New Series, 43 (170), May, 139-50 -- Richard E. Quandt (1986), 'Betting and Equilibrium', Quarterly Journal of Economics, 101 (1), February, 201-7 -- Joseph Golec and Maurry Tamarkin (1998), 'Bettors Love Skewness, Not Risk, at the Horse Track', Journal of Political Economy, 106 (1), 205-25 -- William Hurley and Lawrence McDonough (1995), 'A Note on the Hayek Hypothesis and the Favorite-Longshot Bias in Parimutuel Betting', American Economic Review, 85 (4), September, 949-55 -- Michael A. Smith, David Paton and Leighton Vaughan Williams (2006), 'Market Efficiency in Person-to-Person Betting', Economica, 73, November, 673-89 -- Hyun Song Shin (1991), 'Optimal Betting Odds against Insider Traders', Economic Journal, 101 (408), September, 1179-85 -- Leighton Vaughan Williams and David Paton (1997), 'Why is There a Favourite-Longshot Bias in British Racetrack Betting Markets?', Economic Journal, 107 (440), January, 150-58 -- N.F.R. Crafts (1985), 'Some Evidence of Insider Knowledge in Horse Race Betting in Britain', Economica, New Series, 52 (207), August, 295-304 -- Leighton Vaughan Williams (1999), 'Information Efficiency in Betting Markets: A Survey', Bulletin of Economic Research, 51 (1), 1-30 -- M. Sung and J.E.V. Johnson (2010), 'Revealing Weak-Form Inefficiency in a Market for State Contingent Claims: The Importance of Market Ecology, Modelling Procedures and Investment Strategies', Economica, 77, January, 128-47 -- Ruth N. Bolton and Randall G. Chapman (1986), 'Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races', Management Science, 32 (8), August, 1040-60 -- Kelly Busche and Christopher D. Hall (1988), 'An Exception to the Risk Preference Anomaly', Journal of Business, 61 (3), July, 337-46 -- Michael Cain, David Law and David Peel (2000), 'The Favourite-Longshot Bias and Market Efficiency in UK Football Betting', Scottish Journal of Political Economy, 47 (1), February, 25-36 -- David Paton and Leighton Vaughan Williams (2005), 'Forecasting Outcomes in Spread Betting Markets: Can Bettors Use "Quarbs" to Beat the Book?', Journal of Forecasting, 24, 139-54 -- Colin F. Camerer (1989), 'Does the Basketball Market Believe in the "Hot Hand"?', American Economic Review, 79 (5), December, 1257-61 -- William O. Brown and Raymond D. Sauer (1993), 'Does the Basketball Market Believe in the "Hot Hand"? Comment', American Economic Review, 83 (5), December, 1377-86 , Steven D. Levitt (2004), 'Why are Gambling Markets Organised so Differently from Financial Markets?', Economic Journal, 114, April, 223-46 -- William R. Eadington (1999), 'The Economics of Casino Gambling', Journal of Economic Perspectives, 13 (3), Summer, 173-92 -- Daniel B. Suits (1979), 'The Elasticity of Demand for Gambling', Quarterly Journal of Economics, 93 (1), February, 155-62 -- John E. Anderson (2005), 'Casino Taxation in the United States', National Tax Journal, LVIII (2), June, 303-24 -- David Paton, Donald S. Siegel and Leighton Vaughan Williams (2002), 'A Policy Response to the E-Commerce Revolution: The Case of Betting Taxation in the UK', Economic Journal, 112 (480), June, F296-F314 -- David Paton, Donald S. Siegel and Leighton Vaughan Williams (2004), 'Taxation and the Demand for Gambling: New Evidence from the United Kingdom', National Tax Journal, LVII (4), December, 847-61 -- Ricardo Gazel (1998), 'The Economic Impacts of Casino Gambling at the State and Local Levels', Annals of the American Academy of Political and Social Science, 556, March, 66-84 -- Donald Siegel and Gary Anders (2001), 'The Impact of Indian Casinos on State Lotteries: A Case Study of Arizona', Public Finance Review, 29 (2), March, 139-47 -- Donald S. Elliott and John C. Navin (2002), 'Has Riverboat Gambling Reduced State Lottery Revenue?', Public Finance Review, 30 (3), May, 235-47 -- Douglas M. Walker and John D. Jackson (2008), 'Do U.S. Gambling Industries Cannibalize Each Other?', Public Finance Review, 36 (3), May, 308-33 -- Chad Cotti (2008), 'The Effect of Casinos on Local Labor Markets: A Country Level Analysis', Journal of Gambling Business and Economics, 2, 17-41 -- Patricia B. Reagan and Robert J. Gitter (2007), 'Is Gaming the Optimal Strategy? The Impact of Gaming Facilities on the Income and Employment of American Indians', Economics Letters, 95, 428-32 451 -- Dek Terrell (1994), 'A Test of the Gambler's Fallacy: Evidence from Pari-mutuel Games', Journal of Risk and Uncertainty, 8 (3), 309-17 -- Charles T. Clotfelter and Philip J. Cook (1991), 'Lotteries in the Real World', Journal of Risk and Uncertainty, 4 (3), 227-32 -- Charles T. Clotfelter and Philip J. Cook (1993), 'Notes: The "Gambler's Fallacy" in Lottery Play', Management Science, 39 (12), December, 1521-5 -- Jonathan Guryan and Melissa S. Kearney (2008), 'Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales', American Economic Review, 98 (1), March, 458-73 -- Thomas A. Garrett and Russell S. Sobel (1999), 'Gamblers Favor Skewness, Not Risk: Further Evidence from United States' Lottery Games', Economics Letters, 63, 85-90 -- David Forrest, Robert Simmons and Neil Chesters (2002), 'Buying a Dream: Alternative Models of Demand for Lotto', Economic Inquiry, 40 (3), July, 485-96 -- Richard Thalheimer and Mukhtar M. Ali (1995), 'The Demand for Parimutuel Horse Race Wagering and Attendance', Management Science, 41 (1), January, 129-43 , Melissa Schettini Kearney (2005), 'State Lotteries and Consumer Behavior', Journal of Public Economics, 89 (11-12), December, 2269-99 -- Kent R. Grote and Victor A. Matheson (2006), 'Dueling Jackpots: Are Competing Lotto Games Complements or Substitutes?', Atlantic Economic Journal 34, 85-100

Language: English

Keywords: Electronic books. ; Electronic books

URL: https://www.elgaronline.com/view/Research_Reviews/9781843763444/9781843763444.xml

URL: FULL  ((Currently Only Available on Campus))

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Format: XVI, 270 S. , Ill., graph. Darst.

ISBN: 0415260914

Language: English

Subjects: Economics

UID:

Format: XX, 264 S. , Ill., graph. Darst. , cm

ISBN: 041557286X , 9780415572866

Series Statement: Routledge international studies in money and banking 66

Note: Includes bibliographical references and index , Enth.17 Beitr

Additional Edition: ISBN 0203815521

Additional Edition: ISBN 9780203815526

Language: English

Subjects: Economics

Keywords: Produktplanung ; Marktprognose ; Aufsatzsammlung

URL: Inhaltsverzeichnis

UID:

Format: 1 online resource (287 pages)

Edition: 1st ed.

ISBN: 9780415260916 , 9780203986936

Content: This timely and comprehensive book covers all the bases of the economics of gambling and fulfils the increasing need for a study into this most important factor of gambling

Note: Book Cover -- Title -- Copyright -- Contents -- Figures -- Tables -- Contributors -- 1 Introduction -- 2 The favourite-longshot bias and the Gabriel and Marsden anomaly -- 3 Is the presence of inside traders necessary to give rise to a favorite-longshot bias? -- 4 Pari-mutuel place betting in Great Britain and Ireland -- 5 Betting at British racecourses -- 6 Breakage, turnover, and betting market ef.ciency -- 7 The impact of tipster information on bookmakers' prices in UK horse-race markets -- 8 On the marginal impact of information and arbitrage -- 9 Covariance decompositions and betting markets -- 10 A competitive horse-race handicapping algorithm based on analysis of covariance -- 11 Ef.ciency in the handicap and index betting markets for English rugby league -- 12 Ef.ciency of the over-under betting market for National Football League games -- 13 Player injuries and price responses in the point spread wagering market -- 14 Is the UK National Lottery experiencing lottery fatigue? -- 15 Time-series modelling of Lotto demand -- 16 Reconsidering the economic impact of Indian casino gambling -- 17 Investigating betting behaviour -- 18 The demand for gambling -- Index

Additional Edition: Print version Vaughan-Williams, Leighton The Economics of Gambling Oxford : Taylor & Francis Group,c2002 ISBN 9780415260916

Language: English

Keywords: Electronic books

URL: FULL  ((OIS Credentials Required))

UID:

Format: 1 online resource (289 pages)

Edition: 1st ed.

ISBN: 9780415572866 , 9780203815526

Series Statement: Routledge International Studies in Money and Banking Series

Content: The insights gained through the effective use of prediction markets, which are essentially speculative markets created for the purpose of aggregating information and making predictions, have many potentially valuable applications for public policy, and offer substantial promise as a tool of information aggregation as well as forecasting. This volume of original readings, contributed by many of the leading experts in the field, marks a significant addition to the base of knowledge about this fascinating subject area

Note: Cover -- Prediction Markets Theory and applications -- Copyright -- Contents -- Notes on contributors -- 1. Introduction -- 2. Modeling idea markets: between beauty contests and prediction markets -- 3. How prediction markets can save event studies -- 4. Mechanisms for prediction markets -- 5. Information markets for decision-­making: performance and feasibility -- 6. Using prediction markets in new product development -- 7. Prediction market accuracy for business forecasting -- 8. Price biases and contract design: lessons from Tradesports -- 9. The predictive ability of financial markets -- 10. The ability of markets to predict conditional probabilities: evidence from the US presidential campaign -- 11. Prediction markets: a study on the Taiwan experience -- 12. Uses of sports wagering-­based prediction markets outside of the world of gambling -- 13. Experimental prediction and pari-­mutuel betting markets -- 14. The economic analysis of sports betting by expert gamblers and insiders: a survey -- 15. Who can beat the odds? The case of football betting reviewed -- 16. The prediction market for the Australian Football League -- 17. Do experts know more than the crowd? A case study -- Index

Additional Edition: Print version Vaughan Williams, Leighton Prediction Markets Oxford : Taylor & Francis Group,c2011 ISBN 9780415572866

Language: English

Keywords: Electronic books

URL: FULL  ((OIS Credentials Required))

UID:

Format: xvi, 270 p. : , ill.

Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.

Note: Introduction / Leighton Vaughan Williams -- The favourite-longshot bias and the Gabriel and Marsden anomaly: an explanation based on utility theory / Michael Cain, David Peel and David Law -- Is the presence of inside traders necessary to give rise to a favorite-longshot bias? / Adi Schnytzer and Yuval Shilony -- Pari-mutuel place betting in Great Britain and Ireland: an extraordinary opportunity / David Jackson and Patrick Waldron -- Betting at British racecourses: a comparison of the efficiency of betting with bookmakers and at the Tote / John Peirson and Philip Blackburn -- Breakage, turnover, and betting market efficiency: new evidence from Japanese horse tracks / W. David Walls and Kelly Busche -- The impact of tipster information on bookmakers' prices in UK horse-race markets / Michael A. Smith -- On the marginal impact of information and arbitrage / Adi Schnytzer, Yuval Shilony and Richard Thorne -- Covarianace decompositions and betting markets: early insights using data from French trotting / Jack Dowie -- A competitive horse-race handicapping algorithm based on analysis of covariance / David Edelman -- Efficiency in the handicap and index betting markets for English rugby league / Robert Simmons, David Forrest and Anthony Curran -- Efficiency of the over-under betting market for National Football League games / Joseph Golec and Maurry Tamarkin -- Player injuries and price responses in the point spread wagering market / Raymond D. Sauer -- Is the UK National Lottery experiencing lottery fatigue? / Stephen Creigh-Tyte and Lisa Farrell -- Time-series modelling of Lotto demand / David Forrest -- Reconsidering the economic impact of Indian casino gambling / Gary C. Anders -- Investigating betting behaviour: a critical discussion of alternative methodological approaches / Alistair Bruce and Johnnie Johnson -- The demand for gambling: a review / David Paton, Donald S. Siegel and Leighton Vaughan Williams.

Language: English

Keywords: Electronic books.

URL: Click to View

UID:

Format: xx, 264 p. : , ill.

Edition: Electronic reproduction. Ann Arbor, MI : ProQuest, 2015. Available via World Wide Web. Access may be limited to ProQuest affiliated libraries.

Series Statement: Routledge international studies in money and banking ; 66

Language: English

Keywords: Electronic books.

URL: Click to View