{"title":"Pari-mutuel投注系统中的有效微观行为和FL偏差","authors":"Kazutaka Kurihara, Y. Tutiya","doi":"10.5750/jgbe.v14i2.1946","DOIUrl":null,"url":null,"abstract":"In this paper, we propose a model which simulates odds distributions of pari-mutuel betting system under two hypotheses on the behavior of bettors: 1. The amount of bets increases very rapidly as the deadline for betting comes near. 2. Each bettor bets on a horse which gives the largest expectation value of the benefit. The results can be interpreted as such efficient behaviors do not serve to extinguish the FL bias but even produce stronger FL bias.","PeriodicalId":109210,"journal":{"name":"The Journal of Gambling Business and Economics","volume":"83 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Efficient Micro-Behaviors in Pari-mutuel Betting System and FL Bias\",\"authors\":\"Kazutaka Kurihara, Y. Tutiya\",\"doi\":\"10.5750/jgbe.v14i2.1946\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"In this paper, we propose a model which simulates odds distributions of pari-mutuel betting system under two hypotheses on the behavior of bettors: 1. The amount of bets increases very rapidly as the deadline for betting comes near. 2. Each bettor bets on a horse which gives the largest expectation value of the benefit. The results can be interpreted as such efficient behaviors do not serve to extinguish the FL bias but even produce stronger FL bias.\",\"PeriodicalId\":109210,\"journal\":{\"name\":\"The Journal of Gambling Business and Economics\",\"volume\":\"83 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-12-23\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"The Journal of Gambling Business and Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.5750/jgbe.v14i2.1946\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Journal of Gambling Business and Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.5750/jgbe.v14i2.1946","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Efficient Micro-Behaviors in Pari-mutuel Betting System and FL Bias
In this paper, we propose a model which simulates odds distributions of pari-mutuel betting system under two hypotheses on the behavior of bettors: 1. The amount of bets increases very rapidly as the deadline for betting comes near. 2. Each bettor bets on a horse which gives the largest expectation value of the benefit. The results can be interpreted as such efficient behaviors do not serve to extinguish the FL bias but even produce stronger FL bias.
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