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Is Racetrack Betting on Exactas Efficient?

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  • Dolbear, F Trenery, Jr

Abstract

A test of the efficiency of an exotic racetrack betting market--the exacta--is examined. Although a prior study found that the exacta failed the efficiency test, that result is sho wn here to depend on a biased estimation procedure. Similarly, this bia sed estimation procedure can vitiate a conclusion that exacta markets ar e attracting "smart money" (holders of insider information) in an attempt to avoid revealing their information to the betting public. Copyright 1993 by The London School of Economics and Political Science.

Suggested Citation

  • Dolbear, F Trenery, Jr, 1993. "Is Racetrack Betting on Exactas Efficient?," Economica, London School of Economics and Political Science, vol. 60(237), pages 105-111, February.
    • Handle: RePEc:bla:econom:v:60:y:1993:i:237:p:105-11
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    Cited by:

    1. W. David Walls & Kelly Busche, 1996. "Betting volume and market efficiency in Hong Kong race track betting," Applied Economics Letters, Taylor & Francis Journals, vol. 3(12), pages 783-787.
    2. Erik Snowberg & Justin Wolfers, 2010. "Explaining the Favorite-Long Shot Bias: Is it Risk-Love or Misperceptions?," Journal of Political Economy, University of Chicago Press, vol. 118(4), pages 723-746, August.
    3. Marshall Gramm & C. Nicholas McKinney & Douglas Owens, 2008. "The efficiency of exotic wagers in racetrack betting," Applied Economics, Taylor & Francis Journals, vol. 40(1), pages 89-97.
    4. Joseph Golec & Maurry Tamarkin, 1998. "Bettors Love Skewness, Not Risk, at the Horse Track," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 205-225, February.
    5. O’Connor, Philip, 2005. "What can we learn from Horse Racing?," 2005 Conference, August 26-27, 2005, Nelson, New Zealand 98524, New Zealand Agricultural and Resource Economics Society.

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