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Permutation Probabilities as Models for Horse Races

In: Efficiency Of Racetrack Betting Markets

Author

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  • R. J. HENERY

    (University of Strathelyde, Scotland, UK)

Abstract

Some properties of models for the outcomes of races are described, these properties being consequences of a stochastic ordering of the permutations which define the outcomes of a race. Order statistics models which lead to stochastic ordering are also discussed — particular cases of these are the first-order model of Plackett (1975) and the normal model of Upton and Brook (1974). An approximation for the normal model is suggested.

Suggested Citation

  • R. J. Henery, 2008. "Permutation Probabilities as Models for Horse Races," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 22, pages 219-224, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0022
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