Optimal Betting and Efficiency in Parimutuel Betting Markets with Information Costs
构建了一个彩池投注模型，解释市场赔率预测不准和冷门马回报低的现象，认为这些源于赌场抽水，并通过灰狗公园案例验证模型。
Empirical studies of parimutuel games establish several facts not previously explained by theory. For example, market odds fail to provide accurate predictions of outcomes (Ali, 1979; Dolbear, 1993; Goodwin, 1993) and longshots earn lower expected values than other bets (Ali, 1977; Metzger, 1985). This paper outlines a model of parimutuel games in which such outcomes arise as a consequence of the takeout of the track. Bettors may purchase true probabilities of events, and equilibrium entry and wagers of these informed bettors lead to patterns observed in previous studies. A case study of the Woodlands Greyhound Park supplies evidence consistent with the model.