scholarly journals High-Roller Impact: A Large Generalized Game Model of Parimutuel Wagering

2016 ◽  
Author(s):  
Erhan Bayraktar
Keyword(s):  

2017 ◽  
Vol 03 (01) ◽  
pp. 1750006 ◽  
Author(s):  
Erhan Bayraktar ◽  
Alexander Munk

How do large-scale participants in parimutuel wagering events affect the house and ordinary bettors? A standard narrative suggests that they may temporarily benefit the former at the expense of the latter. To approach this problem, we begin by developing a model based on the theory of large generalized games. Constrained only by their budgets, a continuum of diffuse (ordinary) players and a single atomic (large-scale) player simultaneously wager to maximize their expected profits according to their individual beliefs. Our main theoretical result gives necessary and sufficient conditions for the existence and uniqueness of a pure-strategy Nash equilibrium. Using this framework, we analyze our question in concrete scenarios. First, we study a situation in which both predicted effects are observed. Neither is always observed in our remaining examples, suggesting the need for a more nuanced view of large-scale participants.



CICTP 2017 ◽  
2018 ◽  
Author(s):  
Hua-Wei Gong ◽  
Wen-Zhou Jin ◽  
Xiao-Dong Zang ◽  
Qiang Luo




2017 ◽  
Vol 8 (2) ◽  
pp. 245-251
Author(s):  
Krasimir Nikolov ◽  
◽  
Jovka Zheleva ◽  
Simona Peneva ◽  
◽  
...  


2011 ◽  
Vol 22 (3) ◽  
pp. 495-508 ◽  
Author(s):  
Yong ZHANG ◽  
Xiao-Bin TAN ◽  
Xiao-Lin CUI ◽  
Hong-Sheng XI


2010 ◽  
Vol 33 (9) ◽  
pp. 1663-1674 ◽  
Author(s):  
Peng WANG ◽  
Jun-Zhou LUO ◽  
Wei LI ◽  
Yan-Sheng QU ◽  
Feng YU


2009 ◽  
Vol 32 (4) ◽  
pp. 817-827 ◽  
Author(s):  
Wei JIANG ◽  
Bin-Xing FANG ◽  
Zhi-Hong TIAN ◽  
Hong-Li ZHANG


2013 ◽  
Vol 33 (9) ◽  
pp. 2525-2528
Author(s):  
Rui WANG ◽  
Qiuxiang YANG ◽  
Gouxi CHEN ◽  
Qiaomei MA




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