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A Comparative Analysis of Market Efficiency in Parallel Betting Markets

Author

Listed:
  • Alistair, B.
  • Johnson
  • J.E.V.

Abstract

This paper concludes that a market for state-contingent claims (UK horserace betting) displays evidence of pervasive, but heterogeneous forms of, inefficiency, in significant contrast to earlier investigations. Using hitherto unavailable data, comparison of notional returns implicit in parallel sets of bookmakers and parimutuel odds identifies inefficiency in terms of zones of distinct but contrasting forms of cross-market returns differential. Comparative returns to actual betting activity suggest further distinctions between notional and actual cross-market returns.

Suggested Citation

  • Alistair, B. & Johnson & J.E.V., 1999. "A Comparative Analysis of Market Efficiency in Parallel Betting Markets," Papers 99-143, University of Southampton - Department of Accounting and Management Science.
    • Handle: RePEc:fth:sotoam:99-143
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    More about this item

    Keywords

    GAMBLING ; MARKETS ; UNCERTAINTY;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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