A model of a general parimutuel system: Characterizations and equilibrium selection (Q1332127)
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scientific article; zbMATH DE number 635796
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | A model of a general parimutuel system: Characterizations and equilibrium selection |
scientific article; zbMATH DE number 635796 |
Statements
A model of a general parimutuel system: Characterizations and equilibrium selection (English)
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26 October 1995
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The authors formulate a model of a parimutuel system, which considers a horse race with two horses. They define some types of equilibria and give necessary and sufficient conditions for their existence. One of the equilibria is selected as a solution for the game and, finally, the relation between the solution and predictions for each better is analyzed.
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gambling game
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parimutuel system
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horse race
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equilibria
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