Presents basic research and pure theory about betting markets
Industry Studies
Utility and Probability Estimation
Favorite-Longshot Bias in the Win Market
Weak Market Efficiency
Semi-Strong Form Efficiency
Prediction Markets
Soccer
Lotteries
Kenneth Arrow is the Joan Kenney Professor of Economics and Professor of Operations Research, emeritus; a CHP/PCOR fellow; and an FSI senior fellow by courtesy. He is the joint winner of the Nobel Memorial Prize in Economics with John Hicks in 1972. To date, he is the youngest person to have received this award, at 51. In economics, he is a figure in post-World War II neo-classical economic theory. Many of his former graduate students have gone on to win the Nobel Memorial Prize themselves. His most significant works are his contributions to social choice theory, notably "Arrow's impossibility theorem", and his work on general equilibrium analysis. He has also provided foundational work in many other areas of economics, including endogenous growth theory and the economics of information. He has been co-editor of the Handbooks in Economics series since the mid-1980s.
"This timely and valuable volume showcases the frontier research in
prediction markets by the very best researchers in the field.
Issues of information aggregation and how the institutional
backdrop influence such aggregation are age-old questions in
Economics and Finance. The papers in this volume survey the current
frontier, show how betting markets allow questions to be posed more
sharply, and so yield more robust conclusions than is possible in
more complex financial markets. The insights gained have many
potentially fruitful applications in the design of institutions
that promote information efficiency and for public policy more
generally." --Hyun Song Shin, Princeton University
"Hausch and Ziemba have produced a superb volume replete with
papers from leading scholars in the economics of sports wagering
and lotteries." --Raymond Sauer, Clemson University
“The editors of this book have assembled a set of world-renowned
scholars to produce an accessible and authoritative review of the
behavior of sports betting and lottery markets. The volume is
essential reading for students and practitioners involved in
betting markets. --Rob Simmons, Lancaster University
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