Power-law distribution of dividends in horse races
نویسنده
چکیده
We discovered that the distribution of dividends in Korean horse races follows a power law. A simple model of betting is proposed, which reproduces the observed distribution. The model provides a mechanism to arrive at the true underlying winning probabilities, which are initially unknown, in a self-organized collective fashion, through the dynamic process of betting.
منابع مشابه
Power-law distribution in Japanese racetrack betting
Gambling is one of the basic economic activities that humans indulge in. An investigation of gambling activities provides deep insights into the economic actions of people and sheds lights on the study of econophysics. In this paper we present an analysis of the distribution of the final odds of the races organized by the Japan Racing Association. The distribution of the final odds Po(x) indica...
متن کاملApplication of Power-Law Frequency Fractal Model for Recognition of Vertical Cu Distribution in Milloieh Porphyry Deposit, SE Iran
Identification of the vertical and horizontal distributions for elemental grades is of an important sign in different mineral exploration stages. The main aim of this work is to determine the vertical distribution directional properties of Cu values in the Milloieh Cu porphyry deposit, Kerman (SE Iran) using the power-law frequency fractal model. This work is carried out based on four mineraliz...
متن کاملEffects of Power-Law Distribution and Exponential with Uniform Pressures on Vibration Behavior of Reinforced Cylindrical Shell Made of Functionally Graded Materials under Symmetric Boundary Conditions
In this paper, the influence of the constituent volume fractions by changing the values of the power-law exponent with uniform pressure on the vibration frequencies of reinforced functionally graded cylindrical shells is studied. The FGM shell with ring is developed in accordance to the volume fraction law from two constituents namely stainless steel and nickel. These constituents are graded th...
متن کاملFrequency Analysis of FG Sandwich Rectangular Plates with a Four-Parameter Power-Law Distribution
An accurate solution procedure based on the three-dimensional elasticity theory for the free vibration analysis of Functionally Graded Sandwich (FGS) plates is presented. Since no assumptions on stresses and displacements have been employed, it can be applied to the free vibration analysis of plates with arbitrary thickness. The two-constituent FGS plate consists of ceramic and metal graded thr...
متن کاملJockey Falls, Injuries, and Fatalities Associated With Thoroughbred and Quarter Horse Racing in California, 2007-2011
BACKGROUND Despite the popularity of the horse racing industry in the United States and the wide recognition that horse racing is one of the most hazardous occupations, little focused research into the prevention of falls by and injuries to jockeys has been conducted. PURPOSE To describe the incidence rates and characteristics of falls and injuries to Thoroughbred and Quarter Horse racing joc...
متن کامل