The emphasis in this article is to exploit the fact that precision requirements for solutions of most economic models in practice are moderate only. A simple approach is introduced for solving linearly constrained partial equilibrium models based on an iterative scheme similar to the simplex...

In a previous paper (Management Science, December 1981) Hausch, Ziemba and Rubinstein (HZR) developed a system that demonstrated the existence of a weak market inefficiency in racetrack place and show betting pools. The system appeared to make possible substantial positive profits. To make the...

Many racetrack bettors have systems. Since the track is a market similar in many ways to the stock market one would expect that the basic strategies would be either fundamental or technical in nature. Fundamental strategies utilize past data available from racing forms, special sources, etc. to...

This paper investigates conditions under which stochastic dynamic programs easily reduce to static deterministic programs. The conditions, though strict, are still rich enough to aid in the solution of a number of practical problems.

Biases that reflect the economic worth of uncertain contingent claims occur in many financial markets. Parimutuel betting at racetracks is one such market with ample data to investigate such biases. The total wagering market is about $10 billion per year in North America. The configuration of...

No abstract available.