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Power-law distribution in Japanese racetrack betting
| Title: | Power-law distribution in Japanese racetrack betting |
| Authors: | Ichinomiya, Takashi Browse this author |
| Keywords: | econophysics | | the efficient market | | scaling |
| Issue Date: | 1-Aug-2006 |
| Publisher: | Elsevier |
| Journal Title: | Physica A Statistical Mechanics and its Applications |
| Volume: | 368 |
| Issue: | 1 |
| Start Page: | 207 |
| End Page: | 213 |
| Publisher DOI: | 10.1016/j.physa.2005.12.027 |
| Abstract: | 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 P-o(x) indicates a clear power-law P-o(x) proportional to 1/x, where x represents the final odds. This power-law can be explained on the basis of the assumption that every bettor bets his money on the horse that appears to be the strongest in a race. |
| Rights: | Copyright © 2006 Elsevier B.V. All rights reserved. |
| Relation: | http://www.sciencedirect.com/science/journal/03784371 |
| Type: | article (author version) |
| URI: | http://hdl.handle.net/2115/14475 |
| Appears in Collections: | 電子科学研究所 (Research Institute for Electronic Science) > 雑誌発表論文等 (Peer-reviewed Journal Articles, etc)
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Submitter: 一宮 尚志
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