Porth, Lysa; Rosenbloom, Earl - In: Journal of Gambling Business and Economics 4 (2010) 2, pp. 63-78
Pari-mutuel wagering functions as a very simple financial market, and has therefore been important in studying market efficiency. In this study, an SPRT-like test reveals that probabilities from the win pool corrected for the favourite longshot bias using Asch and Quandt's regression equation...