Permutation Probabilities as Models for Horse Races

R. J. Henery
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R. J. Henery: University of Strathelyde, Scotland, UK

Chapter 22 in Efficiency of Racetrack Betting Markets, 2008, pp 219-224 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractSome properties of models for the outcomes of races are described, these properties being consequences of a stochastic ordering of the permutations which define the outcomes of a race. Order statistics models which lead to stochastic ordering are also discussed — particular cases of these are the first-order model of Plackett (1975) and the normal model of Upton and Brook (1974). An approximation for the normal model is suggested.

Keywords: Racetrack Efficiency; Racetrack Betting Market; Racetrack Betting; Win Market; Finance (search for similar items in EconPapers)
Date: 2008
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