Point Spreads versus Odds
探讨博彩公司为何在足球比赛中采用点差投注而非赔率投注，证明在特定信念和行为假设下，点差游戏是利润最大化博彩公司的理性选择。
Why do bookies use the point-spread device for wagering on football games when odds betting on the winner is also feasible? One possibility is that point-spread betting is more fun than odds betting. The existence of point spreads, however, does not logically entail this "more fun" explanation. Given simple specifications of beliefs and betting behavior, and given that point spreads and odds are equally thrilling, it is demonstrated that the point-spread game can exist as the game produced by a profit-maximizing bookie. The disparate beliefs which create the demand for some form of betting market can also explain the particular betting game produced by the bookie.