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Efficient Market Adjustment of Odds Prices to Reflect
Efficient Market Adjustment of Odds Prices to Reflect
Track Biases
Track Biases
Brian R. Canfield,
Brian R. Canfield, Bruce C. Fauman, William T
Bruce C. Fauman, William T. Ziemba,
. Ziemba,
To cite this article:
To cite this article:
Brian R. Canfield, Bruce C. Fauman, William T
Brian R. Canfield, Bruce C. Fauman, William T. Ziemba,
. Ziemba, (1987) Efficient Market Adjustment of Odds Prices to Reflect T
(1987) Efficient Market Adjustment of Odds Prices to Reflect Track
rack
Biases. Management Science 33(11):1428-1439.
Biases. Management Science 33(11):1428-1439. http://dx.doi.org/10.1287/mnsc.33.11.1428
http://dx.doi.org/10.1287/mnsc.33.11.1428
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D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .
D D o o w w n n l l o o a a d d e e d d f f r r o o m m i i n n f f o o r r m m s s . . o o r r g g b b y y [ [ 1 1 2 2 9 9 . . 1 1 0 0 5 5 . . 2 2 1 1 5 5 . . 1 1 4 4 6 6 ] ] o o n n 1 1 6 6 S S e e p p t t e e m m b b e e r r 2 2 0 0 1 1 6 6 a a , , t t 1 1 2 2 : : 2 2 8 8 . . F F o o r r p p e e r r s s o o n n a a l l u u s s e e o o n n l l y y , , a a l l l l r r i i g g h h t t s s r r e e s s e e r r v v e e d d . .