Watanabe, Takahiro; Nonoyama, Hideyuki; Mori, Masao - In: International Journal of Game Theory 23 (1994) 3, pp. 237-60
We formulate a model of a parimutuel system which considers a horse race with two horses. In our model, the raceholder offers a rate of his total betting revenue in the first stage. In the second stage each bettor simultaneously decides whether he bets one unit of money on one horse or he...