SCHNYTZER, A.; MAKROPOULOU, V.; LAMERS, M. - Faculteit Economie en Bedrijfskunde, Universiteit Gent - 2012
This paper builds on a theoretical model by Schnytzer, Lamers, and Makropoulou (2010) that conceptualizes fixed odds horse betting markets as implicit call option markets. We model the decision making process of a bookmaker that sets his prices under uncertainty. We extend the paper of Schnytzer...