Handbook of Sports and Lottery Markets

Author: Donald B. Hausch
Publisher: Elsevier
ISBN: 0080559956
Release Date: 2011-08-11
Genre: Business & Economics

Its basic empirical research and investigation of pure theories of investment in the sports and lottery markets make this volume a winner. These markets are simpler to study than traditional financial markets, and their expected values and outcomes are uncomplicated. By means of new overviews of scholarship on the industry side of racetrack and other betting markets to betting exchanges and market efficiencies, contributors consider a variety of sports in countries around the world. The result is not only superior information about market forecasting, but macro- and micro-analyses that are relevant to other markets. * Easily studied sports markets reveal features relevant for more complex traditional financial markets * Significant coverage of sports from racing to jai alai * New studies of betting exchanges and Internet wagering markets

Stochastic Optimization Models in Finance

Author: W. T. Ziemba
Publisher: Academic Press
ISBN: 9781483273990
Release Date: 2014-05-12
Genre: Business & Economics

Stochastic Optimization Models in Finance focuses on the applications of stochastic optimization models in finance, with emphasis on results and methods that can and have been utilized in the analysis of real financial problems. The discussions are organized around five themes: mathematical tools; qualitative economic results; static portfolio selection models; dynamic models that are reducible to static models; and dynamic models. This volume consists of five parts and begins with an overview of expected utility theory, followed by an analysis of convexity and the Kuhn-Tucker conditions. The reader is then introduced to dynamic programming; stochastic dominance; and measures of risk aversion. Subsequent chapters deal with separation theorems; existence and diversification of optimal portfolio policies; effects of taxes on risk taking; and two-period consumption models and portfolio revision. The book also describes models of optimal capital accumulation and portfolio selection. This monograph will be of value to mathematicians and economists as well as to those interested in economic theory and mathematical economics.

Stochastic Programming

Author: Horand Gassmann
Publisher: World Scientific
ISBN: 9789814407502
Release Date: 2013
Genre: Business & Economics

This book shows the breadth and depth of stochastic programming applications. All the papers presented here involve optimization over the scenarios that represent possible future outcomes of the uncertainty problems. The applications, which were presented at the 12th International Conference on Stochastic Programming held in Halifax, Nova Scotia in August 2010, span the rich field of uses of these models. The finance papers discuss such diverse problems as longevity risk management of individual investors, personal financial planning, intertemporal surplus management, asset management with benchmarks, dynamic portfolio management, fixed income immunization and racetrack betting. The production and logistics papers discuss natural gas infrastructure design, farming Atlantic salmon, prevention of nuclear smuggling and sawmill planning. The energy papers involve electricity production planning, hydroelectric reservoir operations and power generation planning for liquid natural gas plants. Finally, two telecommunication papers discuss mobile network design and frequency assignment problems.

Racetrack Betting

Author: Peter Asch
Publisher: Greenwood Publishing Group
ISBN: 9780275941031
Release Date: 1991
Genre: Business & Economics

"Not only is this a very serious book on a topic of broad interest, but, even better, it is quite readable." Management Accounting

Beat the Racetrack

Author: William Ziemba
Publisher: Echo Point Books & Media
ISBN: 1635617219
Release Date: 2018-06-19
Genre:

This book is the original racetrack betting classic (later expanded upon in the re-issue, Dr. Z's Beat the Racetrack). With clear writing and a wealth of fascinating real-world examples, it shares a proven, easy to learn system that bettors can use to beat the odds and win big at the racetrack.

Winning Without Thinking

Author: Nick Mordin
Publisher: Aesculus Press Ltd
ISBN: 1904328148
Release Date: 2006-10
Genre: Horse racing

Nick Mordin estimates he has spent over 30,000 hours researching racing results over the years. His aim has been to uncover the principles that govern the betting market and racing results themselves. In conducting his research Nick has tested thousands of systems, both his own and those developed by academics, professional gamblers and others around the globe. In Winning Without Thinking he shares the fruits of this work. the results of horse-races; basic principles that govern racing results and the betting market; mistakes commonly made by the general betting public and how to exploit them; full details of betting systems used by professional gamblers to make millions; how to predict and profit from new trends; and how to use computers to increase your returns.

Handbook Of The Fundamentals Of Financial Decision Making In 2 Parts

Author: Maclean Leonard C
Publisher: World Scientific
ISBN: 9789814417365
Release Date: 2013-05-10
Genre: Business & Economics

This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2nd edition published in 2006).

Investing in the Modern Age

Author: Rachel Ziemba
Publisher: World Scientific
ISBN: 9789814504751
Release Date: 2013
Genre: Electronic books

This book discusses many key topics in investment and risk management, the global economic situation and the shift in global investment strategies. It was largely written during the period of 2007-12, one of the most tumultuous times in global financial markets which called into question not only tenets of economic forecasting and also asset allocation and return strategies. It contains studies of how investors lose money in derivative markets, examples of those who did not and how these disasters could have been prevented. The authors draw some conclusions on the impact of the structural shifts currently underway in the global economy as well as how cyclical trends will affect these industries, the globe and key sectors. The authors zoom in on key growth areas, including emerging markets, their interlinkages and financial trends. The book also covers risk arbitrage and mean reversion strategies in financial and sports betting markets, plus incentives, volatility aspects, risk taking and investments strategies used by hedge funds and university endowments. Topics such as stock market crash predictions, asset liability planning models, various players in financial markets and the evaluation of the greatest investors are also discussed. The book presents tools and case studies of real applications for analyzing a wide variety of investment returns and better assessing the risks which many investors have preferred to ignore in the search of returns. Many security market regularities or anomalies are discussed including political party and January effects as is the process of building scenarios and using Kelly and fractional Kelly strategies to optimize returns.

The Kelly Capital Growth Investment Criterion

Author: Leonard C. MacLean
Publisher: World Scientific
ISBN: 9789814293495
Release Date: 2011
Genre: Business & Economics

This volume provides the definitive treatment of fortune's formula or the Kelly capital growth criterion as it is often called. The strategy is to maximize long run wealth of the investor by maximizing the period by period expected utility of wealth with a logarithmic utility function. Mathematical theorems show that only the log utility function maximizes asymptotic long run wealth and minimizes the expected time to arbitrary large goals. In general, the strategy is risky in the short term but as the number of bets increase, the Kelly bettor's wealth tends to be much larger than those with essentially different strategies. So most of the time, the Kelly bettor will have much more wealth than these other bettors but the Kelly strategy can lead to considerable losses a small percent of the time. There are ways to reduce this risk at the cost of lower expected final wealth using fractional Kelly strategies that blend the Kelly suggested wager with cash. The various classic reprinted papers and the new ones written specifically for this volume cover various aspects of the theory and practice of dynamic investing. Good and bad properties are discussed, as are fixed-mix and volatility induced growth strategies. The relationships with utility theory and the use of these ideas by great investors are featured.

Information Efficiency in Financial and Betting Markets

Author: Leighton Vaughan Williams
Publisher: Cambridge University Press
ISBN: 1139445405
Release Date: 2005-09-29
Genre: Business & Economics

The degree to which markets incorporate information is one of the most important questions facing economists today. This book provides a fascinating study of the existence and extent of information efficiency in financial markets, with a special focus on betting markets. Betting markets are selected for study because they incorporate features highly appropriate to a study of information efficiency, in particular the fact that each bet has a well-defined end point at which its value becomes certain. Using international examples, this book reviews and analyses the issue of information efficiency in both financial and betting markets. Part I is an extensive survey of the existing literature, while Part II presents a range of readings by leading academics. Insights gained from the book will interest students of financial economics, financial market analysts, mathematicians and statisticians, and all those with a special interest in finance or gambling.

Hedging Derivatives

Author: Thorsten Rheinlander
Publisher: World Scientific
ISBN: 9789814338806
Release Date: 2011
Genre: Derivative securities

Valuation and hedging of financial derivatives are intrinsically linked concepts. Choosing appropriate hedging techniques depends on both the type of derivative and assumptions placed on the underlying stochastic process. This volume provides a systematic treatment of hedging in incomplete markets. Mean-variance hedging under the risk-neutral measure is applied in the framework of exponential L(r)vy processes and for derivatives written on defaultable assets. It is discussed how to complete markets based upon stochastic volatility models via trading in both stocks and vanilla options. Exponential utility indifference pricing is explored via a duality with entropy minimization. Backward stochastic differential equations offer an alternative approach and are moreover applied to study markets with trading constraints including basis risk. A range of optimal martingale measures are discussed including the entropy, Esscher and minimal martingale measures. Quasi-symmetry properties of stochastic processes are deployed in the semi-static hedging of barrier options. This book is directed towards both graduate students and researchers in mathematical finance, and will also provide an orientation to applied mathematicians, financial economists and practitioners wishing to explore recent progress in this field."

Precision

Author: C. X. Wong
Publisher:
ISBN: 1432768522
Release Date: 2011-03-30
Genre: Games of chance (Mathematics)

Precision: Statistical and Mathematical Methods in Horse Racing thoroughly discusses the mathematical and statistical methods in handicapping and betting techniques. Differentiations, combinatorics, normal distribution, kernel smoothing and other mathematical and statistical tools are introduced. The jargons and equations are kept to a minimum so that it is easy to understand for most readers. More than 20 professional programs are freely available to download, which allows readers to easily apply the methodology introduced in the book.

The World Scientific Handbook of Futures Markets

Author: Anastasios G. E. T. Al MALLIARIS
Publisher: World Scientific
ISBN: 9789814566926
Release Date: 2015-08-06
Genre: Business & Economics

"The World Scientific Handbook of Futures Markets serves as a definitive source for comprehensive and accessible information in futures markets. The emphasis is on the unique characteristics of futures markets that make them worthy of a special volume. In our judgment, futures markets are currently undergoing remarkable changes as trading is shifting from open outcry to electronic and as the traditional functions of hedging and speculation are extended to include futures as an alternative investment vehicle in traditional portfolios. The unique feature of this volume is the selection of five classic papers that lay the foundations of the futures markets and the invitation to the leading academics who do work in the area to write critical surveys in a dozen important topics."--$cProvided by publisher.