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Optimal Bets In Pari-Mutuel Systems

In: Efficiency Of Racetrack Betting Markets

Author

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  • NISSAN LEVIN

    (Faculty of management, Tel-Aviv University, Tel-Aviv, Israel)

Abstract

Models of optimal betting in pari-mutuel systems, using a general utility function, are discussed. A theorem showing the relative attractiveness of each outcome (“horse”) is given. Some special cases of the linear utility model are considered. An algorithm is presented for the logarithmic utility. The case where the public bets are random random variables is also analyzed.

Suggested Citation

  • Nissan Levin, 2008. "Optimal Bets In Pari-Mutuel Systems," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 15, pages 109-125, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0015
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