Pari-mutuel as a system of aggregation of information
By: by Guillermo Owen
Contributors: Naval Postgraduate School (U.S.)
Publisher: Naval Postgraduate School
Published: 1984
Place of publication: Monterey, California
Language: eng
Number of pages: 24
Subjects: Pari-mutuel betting; Group decision making
Description: 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.
Notes: Title from cover.

"Prepared for: Chief of Naval Research"--Cover.

"October 1984"--Cover.

"Technical report for period March 1984 - September 1984"--Cover.

"NPS-53-85-0001"--Cover.

Author(s) key words: Group decision, group probability, pari-mutuel.

Includes bibliographical references (p. 23).

"Approved for public release; distribution unlimited"--Cover.

Technical report; 1984.

kmc/kmc 12/1/09.

aq/aq cc:9116 12/10/98