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The minimax bookie

A bookmaker makes a book on a horse race: he offers odds against the various horses winning the race, and gamblers accept bets at those odds when they find the odds attractive. The book at a particular time consists of the bookmaker's winnings according to the different outcomes of the race if...

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Published in:	Journal of applied probability 1996-12, Vol.33 (4), p.1093-1107
Main Authors:	Barry, Daniel, Hartigan, John A.
Format:	Article
Language:	English
Subjects:	Applied sciences Approximation Betting Bleeding time Book value Bookmaking Dynamic programming Exact sciences and technology Gambling Horse racing Increasing functions Markov processes Mathematical programming Mathematics Minimax Operational research and scientific management Operational research. Management science Optimal strategies Optimization. Search problems Probability Probability and statistics Probability theory and stochastic processes Research Papers Sciences and techniques of general use Studies
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container_title	Journal of applied probability
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description	A bookmaker makes a book on a horse race: he offers odds against the various horses winning the race, and gamblers accept bets at those odds when they find the odds attractive. The book at a particular time consists of the bookmaker's winnings according to the different outcomes of the race if the race were run at that time. We consider strategies the bookmaker might adopt when deciding how to alter his quoted odds as bets accumulate. The bookmaker is assumed to behave conservatively in the sense that he tries to minimise his expected maximum loss over all possible outcomes of the race.
doi_str_mv	10.2307/3214988
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ispartof	Journal of applied probability, 1996-12, Vol.33 (4), p.1093-1107
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language	eng
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source	JSTOR Archival Journals
subjects	Applied sciences Approximation Betting Bleeding time Book value Bookmaking Dynamic programming Exact sciences and technology Gambling Horse racing Increasing functions Markov processes Mathematical programming Mathematics Minimax Operational research and scientific management Operational research. Management science Optimal strategies Optimization. Search problems Probability Probability and statistics Probability theory and stochastic processes Research Papers Sciences and techniques of general use Studies
title	The minimax bookie
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