Edelman, David; O'Brian, Nigel - In: The European Journal of Finance 10 (2004) 5, pp. 370-378
A game-theoretic approach to the investigation of arbitrage opportunities based on combinations of exotic wagers for the same event is described. This situation is also known as a 'lock' or 'Dutch Book'. The technique is applied to recent totalizator data from Australian thoroughbred races. It...