网上博彩市场的最优定价

Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets eJournal Pub Date : 2020-05-01 DOI:10.2139/ssrn.2199035

M. Montone

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引用次数: 1

摘要

我发现，对于一个厌恶风险的庄家来说，最优下注价格是需求弹性和下注事件结果数量的函数。然而，在订单流中存在冲击的情况下，最优价格可能发生变化，而大幅调整可以为知情的投资者创造套利机会。通过大量在线博彩公司的样本和一组独特的实时投注赔率数据，我发现这些预测得到了强有力的支持。研究结果表明，博彩公司对风险的态度是博彩市场价格的关键驱动因素。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Optimal Pricing in the Online Betting Market

I find that the optimal price of a bet for a risk-averse bookmaker is a function of elasticity of demand and the number of outcomes of the betting event. In the presence of shocks in the order flow, however, the optimal price can change, and large adjustments can create arbitrage opportunities for informed investors. Using a large sample of online bookmakers and a unique data set of real-time betting odds, I find strong support for these predictions. The results suggest that bookmakers' attitude towards risk is a key driver of prices in the betting market.

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Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets eJournal

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