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Parimutuel betting under asymmetric information

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  • <P>This Paper Examines Simple Parimutuel Betting Games Under Asymmetric Information
  • With Particular Attention To Differences Between Markets In Which Bets Are Submitted Simultaneously
  • In The Simultaneous Parimutuel Betting Market
  • All (Symmetric And Asymmetric) Bayesian-Nash Equilibria Are Generically Characterized As A Function
  • There Always Exists A Separating Equilibrium
  • In Which All Bettors Follow Their Private Signals
  • This Equilibrium Is Unique If The Number Of Bettors Is Sufficiently Large
  • In The Sequential Framework
  • Earlier Bets Have Information Externalities
  • Because They May Reveal Private Information Of Bettors
  • They Also Have Payoff Externalities
  • Because They Affect The Betting Odds
  • One Effect Of These Externalities Is That The Separating Equilibrium Disappears If The Number Of Bet
  • (C) 2006 Elsevier B
  • V
  • All Rights Reserved
  • </P>

Abstract

Queen's University Belfast | Undergraduate Prospectus For 2014 Entry | Section 3 (How to Apply) 3Entrance requirements tables – course requirements and typical offer grades 233FOR FURTHER INFORMATION | http://go.qub.ac.uk/ugstudy Su b je ct D eg re e Y rs A -L ev el T ar g et G ra d es a nd S ub je ct Ir is h Le av in g C er ti fi ca te H ig he r Le ve l T ar g et P g R eq ui re m en ts 6 G ra d es a nd S ub je ct R eq ui re m en ts B Sc [S ] B Sc [S ] M Ph ar m [S ] B A [S /J ] B Sc [S /J ] M Sc i [ S/ J] B Sc [S ] N ur si ng Ph ar m ac eu tic al Sc ie nc es Ph ar m ac y Ph ilo so p hy Ph ys ic s Ph ys ic s w ith Ex te nd ed S tu d ie s in Eu ro p e 3 3 4 3 3 4 4 B C C in cl ud in g a r el ev an t Sc ie nc e (B io lo g y, C he m is tr y, M at he m at ic s o r Ph ys ic s) O R B B C w he re a r el ev an t Sc ie nc e su b je ct is n o t o ffe re d . A ll ap p lic an ts m us t o ffe r 5 G C SE s (o r ap p ro ve d e q ui va le nt ) t o in cl ud e E ng lis h La ng ua g e, M at he m at ic s an d a Sc ie nc e su b je ct . B B B -A B B in cl ud in g B io lo g y an d C he m is tr y + G C SE M at he m at ic s A A B in cl ud in g A -le ve l C he m is tr y an d a t le as t o ne o th er A -le ve l f ro m B io lo g y, M at he m at ic s o r Ph ys ic s + G C SE B io lo g y o r D o ub le A w ar d Sc ie nc e + G C SE M at he m at ic s. N ot e: B io lo g y to a t le

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