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On the Efficiency and Equity of Betting Markets

In: Efficiency Of Racetrack Betting Markets

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  • JACK DOWIE

    (University of Kent, UK)

Abstract

Confident in the belief that vital resource allocation decisions depend on well functioning capital markets, economists over the last two decades have spent a good deal of their time, and not a little of the computer's, studying the behaviour of stock market prices. Their main aim has been to discover the extent to which capital markets, and in particular markets in equity shares, are “efficient”. Perhaps surprisingly to the layman, their answer has usually been “very efficient”, and despite the amount of effort devoted to attempts at refutation, Fama was able to conclude that “the evidence in support of the efficient market's model is extensive and (somewhat uniquely in economics) contradictory evidence is sparse” (Fama, 1970, p. 416)…

Suggested Citation

  • Jack Dowie, 2008. "On the Efficiency and Equity of Betting Markets," World Scientific Book Chapters, in: Donald B Hausch & Victor SY Lo & William T Ziemba (ed.), Efficiency Of Racetrack Betting Markets, chapter 52, pages 533-544, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812819192_0052
    as

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