dorsal/arxiv
View SchemaPower-law distribution in Japanese racetrack betting
| Authors | Takashi Ichinomiya |
|---|---|
| Categories | |
| ArXiv ID | physics/0602165 |
| URL | https://arxiv.org/abs/physics/0602165 |
| DOI | 10.1016/j.physa.2005.12.027 |
Abstract
Gambling is one of the basic economic activities that humans indulge in. An investigation of gambling activities provides deep insights into the economic actions of people and sheds lights on the study of econophysics. In this paper we present an analysis of the distribution of the final odds of the races organized by the Japan Racing Association. The distribution of the final odds $P_o(x)$ indicates a clear power law $P_o(x)\propto 1/x$, where $x$ represents the final odds. This power law can be explained on the basis of the assumption that that every bettor bets his money on the horse that appears to be the strongest in a race.
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"abstract": "Gambling is one of the basic economic activities that humans indulge in. An\ninvestigation of gambling activities provides deep insights into the economic\nactions of people and sheds lights on the study of econophysics. In this paper\nwe present an analysis of the distribution of the final odds of the races\norganized by the Japan Racing Association. The distribution of the final odds\n$P_o(x)$ indicates a clear power law $P_o(x)\\propto 1/x$, where $x$ represents\nthe final odds. This power law can be explained on the basis of the assumption\nthat that every bettor bets his money on the horse that appears to be the\nstrongest in a race.",
"arxiv_id": "physics/0602165",
"authors": [
"Takashi Ichinomiya"
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"physics.soc-ph"
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"doi": "10.1016/j.physa.2005.12.027",
"title": "Power-law distribution in Japanese racetrack betting",
"url": "https://arxiv.org/abs/physics/0602165"
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