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Application of Logit Models in Racetrack Data

In: Efficiency Of Racetrack Betting Markets

Author

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  • Victor S. Y. Lo

    (Faculty of Commerce and Business Administration, University of British Columbia, Canada)

Abstract

Recent studies in racetrack market often deal with analyses of bet fractions, estimations of win probabilities and ordering probabilities. The logit model is a common way of statistical modelling of probabilities. This paper discusses and summarizes the possible applications of logit models in racetrack market analyses with win bet and exotic bets. In addition, we illustrate the application of logit model and how to apply the likelihood-based arguments to compare the accuracies of different sources of information using a real data set. The logit model may be more extensively used in racetrack market analyses.

Suggested Citation

  • Victor S. Y. Lo, 2008. "Application of Logit Models in Racetrack Data," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 31, pages 307-314, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0031
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