Bruce, Alistair; Marginson, David - In: International Journal of the Economics of Business 21 (2014) 1, pp. 77-97
<italic>We examine racetrack betting market inefficiency. We argue that the overround -- an established measure of inefficiency -- may be seen as a reflection of bookmakers' collusive returns maximising behaviour, rather than simply as their response to an adverse selection problem. We test, and find...</italic>