Pari-mutuel as a system of aggregation of information
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Authors
Owen, Guillermo
Subjects
Group Decision
Group Probability
Pari-Mutuel
Group Probability
Pari-Mutuel
Advisors
Date of Issue
1984-10
Date
March 1984 - September 1984
Publisher
Monterey, California. Naval Postgraduate School
Language
en_US
Abstract
A bettor is faced with the problem of choosing optimal
bets given his (subjective) probabilities of outcomes of an
experiment and the payoff odds on these outcomes Conversely,
a bookie (pari-mutuel system), faced by several bettors with
different subjective probabilities, has the problem of choosing
payoff odds so as to avoid the risk of loss. It is shown
that under certain reasonably broad conditions on the several bettors' utilities and subjective probabilities, such an
equilibrium set of payoff odds always exists. Some
examples are worked out in detail.
Type
Technical Report
Description
Series/Report No
Department
Identifiers
NPS Report Number
NPS-53-85-0001
Sponsors
Chief of Naval Research
Funder
Format
Citation
Distribution Statement
Rights
This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.