2018年5月11日
Efficiency in Micro-Behaviors and FL Bias
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In this paper, we propose a model which simulates odds distributions of<br />
pari-mutuel betting system under two hypotheses on the behavior of bettors: 1.<br />
The amount of bets increases very rapidly as the deadline for betting comes<br />
near. 2. Each bettor bets on a horse which gives the largest expectation value<br />
of the benefit. The results can be interpreted as such efficient behaviors do<br />
not serve to extinguish the FL bias but even produce stronger FL bias.
pari-mutuel betting system under two hypotheses on the behavior of bettors: 1.<br />
The amount of bets increases very rapidly as the deadline for betting comes<br />
near. 2. Each bettor bets on a horse which gives the largest expectation value<br />
of the benefit. The results can be interpreted as such efficient behaviors do<br />
not serve to extinguish the FL bias but even produce stronger FL bias.
- ID情報
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- arXiv ID : arXiv:1805.04225