KOESSLER, Frédéric; ZIEGELMEYER, Anthony - Bureau d'Économie Théorique et Appliquée (BETA), … - 2002
This paper examines a game-theoretical model of parimutuel betting markets with asymmetric information. Generically … of their private information. An equilibrium where all bettors use their private information always exists and becomes … signal, following the choices of previous bettors, and betting against the trend. On average,information is well aggregated …