Bolton, Ruth N.; Chapman, Randall G. - In: Management Science 32 (1986) 8, pp. 1040-1060
This paper investigates fundamental investment strategies to detect and exploit the public's systematic errors in horse … logit model of the horse racing process is posited and estimated on a data base of 200 races. A recently developed procedure … estimates. The variables in this discrete choice probability model include horse and jockey characteristics, plus several race …