CONSENSUS OF SUBJECTIVE PROBABILITIES: THE PARI-MUTUEL METHOD,

Abstract

Under the pari-mutuel system of betting on horse races the final track's odds are in some sense a consensus of the 'subjective odds' of the individual bettors weighted by the amounts of their bets. The properties which this consensus must possess and prove that there always exists a unique set of odds having the required properties are formulated. (Author)

Document Details

Document Type
Technical Report
Publication Date
May 22, 1958
Accession Number
AD0606923

Entities

People

  • David Gale
  • Edmund Eisenberg

Organizations

  • RAND Corporation

Tags

DTIC Thesaurus Topics

  • Probability

Readers

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  • Regression Analysis.