Lo, Victor S. Y.; Bacon-Shone, John; Busche, Kelly - In: Management Science 41 (1995) 6, pp. 1048-1059
Hausch et al. (HZR) (Hausch, D. B., W. T. Ziemba, M. Rubinstein. 1981. Efficiency of the market for racetrack betting. Management Sci. 27 1435--1452.) developed a betting system that demonstrated positive profits at two racetracks. The system assumes running times are distributed exponentially,...