Cain, Michael; Law, David; Lindley, Dennis - In: Journal of Risk and Uncertainty 20 (2000) 2, pp. 119-40
A book is made for a horse race, and punters place their bets. The problem considered here is how the bookmaker should construct his book. Before this can be solved, it has to be determined how the punters will react to any proposed book. Much of the detailed discussion is confined to a race...
