scholarly journals Betting, Selection, and Luck: A Long-Run Analysis of Repeated Betting Markets

Entropy ◽  
2019 ◽  
Vol 21 (6) ◽  
pp. 585 ◽  
Author(s):  
Giulio Bottazzi ◽  
Daniele Giachini
Keyword(s):  
Relative Risk ◽  
The Other ◽  
Risk Averse ◽  
Quantal Response ◽  
Two Agents ◽  
Long Run ◽  
Binary Event ◽  
Betting Market ◽  
Betting Markets ◽  
The Difference

We consider a repeated betting market populated by two agents who wage on a binary event according to generic betting strategies. We derive new simple criteria, based on the difference of relative entropies, to establish the relative wealth of the two agents in the long-run. Little information about agents’ behavior is needed to apply the criteria: it is sufficient to know the odds traders believe fair and how much they would bet when the odds are equal to the ones the other agent believes fair. Using our criteria, we show that for a large class of betting strategies, it is generically possible that the ultimate winner is only decided by luck. As an example, we apply our conditions to the case of Constant Relative Risk Averse (CRRA) and quantal response betting.

scholarly journals The Fibonacci Strategy Revisited: Can You Really Make Money by Betting on Soccer Draws?

2014 ◽  
Vol 8 (2) ◽  
pp. 72-77
Author(s):  
Jiří Lahvička
Keyword(s):  
Fibonacci Sequence ◽  
Real Data ◽  
The Other ◽  
Efficient Market ◽  
Data Set ◽  
Betting Market ◽  
Betting Markets ◽  
Expected Values ◽  
Real Market ◽  
Positive Results

This article investigates the strategy of betting on soccer draws using the Fibonacci sequence. In the previous literature, this strategy has been found to be both simple and profitable in both simulated and real betting markets, indicating that the soccer betting market is not even weakly efficient. First, the behavior of the Fibonacci strategy is analyzed in a simulated strongly efficient market. It is shown that the strategy is not and cannot be profitable in such a market; however, it could still be profitable in a real market under the following two conditions: first, some bets on draws have positive expected values; second, the amounts bet on such matches are high enough to more than compensate for expected losses from the other bets. This could happen if bookmakers underestimated the probability of a draw after a long string of non-drawn matches. The strategy is therefore tested on a real data set of almost 60,000 European soccer matches. Contrary to the previous findings, all tested versions of the Fibonacci betting strategy are found to lose money. The previous positive results could be explained by a very low number of trials.

scholarly journals Demarcation Of Work- Life : An Edge To Live

2017 ◽  
Vol 9 (02) ◽  
Author(s):  
Pushyamitra Tiwari
Keyword(s):  
Literature Review ◽  
Close Association ◽  
Fair Division ◽  
Work Life ◽  
The Other ◽  
Life Balance ◽  
Family Work ◽  
Long Run ◽  
The Difference ◽  
Reducing Stress

The purpose of this paper was to examine the close association persists between work-life, as both are interconnected and interdependent to each other. There is needed to be an effort from each individual for maintaining a fair division between both of them. The difference between a life well lived and one merely lived is just a word passion. No matter what it is directed towards be it related to money, work-centric or relates to something else, so long as you remain in reasonable control of it. The growing number of responsibilities of family, work, and society can make many a head spin. We need to be able to manage our expectations. Due to competing for demand for both roles, employees are not able to fulfill the responsibility of their work as well as that of home properly. Through literature review, this study is an attempt to explore various emerging solutions which helps in reducing stress to a large extent. Excessive, unbridled stress can be dangerous, and rather than imparting vision, could blind you to reality. It is visualized that lacking in work-life balance affects innovation, problem- solving, productivity and motivation. Right balance contributes to morale, motivation, commitment and impetus of passion, this way there is probably no need for anyone to give up one for the other. The more control you have over your stresses and anxieties, the better off you will be in the long run.

On the ‘utilisation controversy’: a rejoinder and some comments

2019 ◽  
Vol 44 (3) ◽  
pp. 709-722
Author(s):  
Michalis Nikiforos
Keyword(s):  
Federal Reserve ◽  
Unit Root ◽  
The Other ◽  
Unit Root Tests ◽  
Capacity Utilisation ◽  
Long Run ◽  
Utilisation Rate ◽  
The Difference

Abstract The conclusions of Gahn and González (2019) are weak for the following reasons: (i) The Federal Reserve Board (FRB) measure of utilisation is not appropriate for measuring long-run variations of utilisation because of the method and the purpose of its construction. Even if its difference with the measures of the average workweek of capital (AWW) was trivial, this would still be the case; if anything, it would show that the AWW is also an inappropriate measure. (ii) Gahn and González choose to ignore the longest available estimate of the AWW produced by Foss, which has a clear long-run trend. (iii) Their econometric results are not robust to more suitable specifications of the unit root tests. Under these specifications, the tests overwhelmingly fail to reject the unit root hypothesis. (iv) Other estimates of the AWW, which were not included in Nikiforos (2016) confirm these conclusions. (v) For the comparison between the AWW series and the Federal Reserve series, they construct variables that are not meaningful, because they subtract series in different units. When the comparison is done correctly, the results confirm that the difference between the AWW series and the FRB series has a unit root. (vi) Stationary utilisation rate is not consistent with any theory for the determination of capacity utilisation. Even if demand did not play a role, there is no reason to expect that all the other factors that determine utilisation would change in a fashion that would keep utilisation constant.

scholarly journals Relative Extinction of Heterogeneous Agents

2010 ◽  
Vol 10 (1) ◽  
Author(s):  
Jaksa Cvitanic ◽  
Semyon Malamud
Keyword(s):  
Heterogeneous Agents ◽  
Rates Of Convergence ◽  
Market Model ◽  
Two Agents ◽  
Survival Index ◽  
Long Run ◽  
Complete Market ◽  
The Difference

In all the existing literature on survival in heterogeneous economies, the rate at which an agent vanishes in the long run relative to another agent can be characterized by the difference of the so-called survival indices, where each survival index only depends on the preferences of the corresponding agent and the properties of the aggregate endowment. In particular, one agent experiences extinction relative to another (that is, the wealth ratio of the two agents goes to zero) if and only if she has a smaller survival index. We consider a simple complete market model and show that the survival index is more complex if there are more than two agents in the economy. In fact, the following phenomenon may take place: even if agent one experiences extinction relative to agent two, adding a third agent to the economy may reverse the situation and force the agent two to experience extinction relative to agent one. We also calculate the rates of convergence.

An Adaptive Learning Model with Foregone Payoff Information

2014 ◽  
Vol 14 (1) ◽  
pp. 149-176 ◽  
Author(s):  
Naoki Funai
Keyword(s):  
Decision Maker ◽  
Adaptive Learning ◽  
Side Effect ◽  
The Other ◽  
Decision Problems ◽  
Fictitious Play ◽  
Quantal Response ◽  
Long Run ◽  
Theoretical Predictions ◽  
Optimal Action

AbstractIn this paper, we provide theoretical predictions on the long-run behavior of an adaptive decision maker with foregone payoff information. In the model, the decision maker assigns a subjective payoff assessment to each action based on his past experience and chooses the action that has the highest assessment. After receiving a payoff, the decision maker updates his assessments of actions in an adaptive manner, using not only the objective payoff information but also the foregone payoff information, which may be distorted. The distortion may arise from “the grass is always greener on the other side” effect, pessimism/optimism or envy/gloating; it depends on how the decision maker views the source of the information. We first provide conditions in which the assessment of each action converges, in that the limit assessment is expressed as an average of the expected objective payoff and the expected distorted payoff of the action. Then, we show that the decision maker chooses the optimal action most frequently in the long run if the expected distorted payoff of the action is greater than the ones of the other actions. We also provide conditions, under which this model coincides with the experience-weighted attraction learning, stochastic fictitious play and quantal response equilibrium models, and thus this model provides theoretical predictions for the models in decision problems.

Enhancement of ADP-induced Platelet Aggregation by Adrenaline in Vivo and Its Prevention

1973 ◽  
Vol 29 (02) ◽  
pp. 490-498 ◽  
Author(s):  
Hiroh Yamazaki ◽  
Itsuro Kobayashi ◽  
Tadahiro Sano ◽  
Takio Shimamoto
Keyword(s):  
Platelet Count ◽  
Platelet Aggregation ◽  
Platelet Rich Plasma ◽  
The Other ◽  
Endothelial Surface ◽  
Important Interaction ◽  
Blood Coagulability ◽  
The Difference

SummaryThe authors previously reported a transient decrease in adhesive platelet count and an enhancement of blood coagulability after administration of a small amount of adrenaline (0.1-1 µg per Kg, i. v.) in man and rabbit. In such circumstances, the sensitivity of platelets to aggregation induced by ADP was studied by an optical density method. Five minutes after i. v. injection of 1 µg per Kg of adrenaline in 10 rabbits, intensity of platelet aggregation increased to 115.1 ± 4.9% (mean ± S. E.) by 10∼5 molar, 121.8 ± 7.8% by 3 × 10-6 molar and 129.4 ± 12.8% of the value before the injection by 10”6 molar ADP. The difference was statistically significant (P<0.01-0.05). The above change was not observed in each group of rabbits injected with saline, 1 µg per Kg of 1-noradrenaline or 0.1 and 10 µg per Kg of adrenaline. Also, it was prevented by oral administration of 10 mg per Kg of phenoxybenzamine or propranolol or aspirin or pyridinolcarbamate 3 hours before the challenge. On the other hand, the enhancement of ADP-induced platelet aggregation was not observed in vitro, when 10-5 or 3 × 10-6 molar and 129.4 ± 12.8% of the value before 10∼6 molar ADP was added to citrated platelet rich plasma (CPRP) of rabbit after incubation at 37°C for 30 second with 0.01, 0.1, 1, 10 or 100 µg per ml of adrenaline or noradrenaline. These results suggest an important interaction between endothelial surface and platelets in connection with the enhancement of ADP-induced platelet aggregation by adrenaline in vivo.

Energy Approximation

2017 ◽  
Author(s):  
Philip Isett
Keyword(s):  
Main Lemma ◽  
The Other ◽  
Coarse Scale ◽  
Continuous Solutions ◽  
Material Derivative ◽  
Energy Variation ◽  
Energy Approximation ◽  
The Difference ◽  
Derivatives Of

This chapter presents the equations and calculations for energy approximation. It establishes the estimates (261) and (262) of the Main Lemma (10.1) for continuous solutions; these estimates state that we are able to accurately prescribe the energy that the correction adds to the solution, as well as bound the difference between the time derivatives of these two quantities. The chapter also introduces the proposition for prescribing energy, followed by the relevant computations. Each integral contributing to the other term can be estimated. Another proposition for estimating control over the rate of energy variation is given. Finally, the coarse scale material derivative is considered.

Pengaruh Unsur Budaya Lokal dalam Ungkapan Berbahasa Perancis

Metahumaniora ◽  
2017 ◽  
Vol 7 (3) ◽  
pp. 378
Author(s):  
Vincentia Tri Handayani
Keyword(s):  
Mental Representation ◽  
Cultural Context ◽  
Oral Tradition ◽  
Minimal Element ◽  
The Other ◽  
Local Culture ◽  
Community Groups ◽  
Cultural Community ◽  
The Difference ◽  
Complex Words

AbstrakFolklor yang menghasilkan tradisi lisan merupakan perwujudan budaya yang lahirdari pengalaman kelompok masyarakat. Salah satu bentuk tradisi lisan adalah ungkapan yangmengandung unsur budaya lokal dalam konstruksinya yang tidak dimiliki budaya lainnya.Ungkapan idiomatis memberikan warna pada bahasa melalui penggambaran mental. Dalambahasa Perancis, ungkapan dapat berupa locution dan expression. Perbedaan motif acuansuatu ungkapan dapat terlihat dari pengaruh budaya masyarakat pengguna bahasa. Sebuahleksem tidak selalu didefinisikan melalui unsur minimal, tidak juga melalui kata-kata,baik kata dasar atau kata kompleks, namun dapat melalui kata-kata beku yang maknanyatetap. Hubungan analogis dari makna tambahan yang ada pada suatu leksem muncul dariidentifikasi semem yang sama. Semem tersebut mengarah pada term yang diasosiasikan danyang diperkaya melalui konteks (dalam ungkapan berhubungan dengan konteks budaya).Kata kunci: folklor, ungkapan, struktur, makna idiomatis, kebudayaanAbstractFolklore which produces the oral tradition is a cultural manifestation born out theexperience of community groups. One form of the oral tradition is a phrase that containsthe elements of local culture in its construction that is not owned the other culture. Theidiomatic phrase gives the color to the language through the mental representation. InFrench, the expression can consist of locution and expression. The difference motivesreference of an expression can be seen from the influence of the cultural community thelanguage users. A lexeme is not always defined through a minimal element, nor throughwords, either basic or complex words, but can be through the frost words whose meaningsare fixed. The analogical connection of the additional meanings is on a lexeme arises fromthe identification of the same meaning. The meaning ‘semem’ leads to the associated termsand which are enriched through the context (in idiom related to the cultural context).Keywords : folklore, idioms, structure, idiom meaning, cultureI PENDAHULUAN

Rhetoric and argumentation: the unity of the field

2017 ◽  
Author(s):  
Michel Meyer
Keyword(s):  
The Other ◽  
Classic Problem ◽  
False Dilemma ◽  
The Difference ◽  
As If

Rhetoric has always been torn between the rhetoric of figures and the rhetoric of conflicts or arguments, as if rhetoric were exclusively one or the other. This is a false dilemma. Both types of rhetoric hinge on the same structure. A common formula is provided in Chapter 3 which unifies rhetoric stricto sensu and rhetoric as argumentation as two distinct but related strategies adopted according to the level of problematicity of the questions at stake, thereby giving unity to the field called “Rhetoric.” Highly problematic questions require arguments to justify their answers; non-divisive ones can be treated rhetorically through their answers as if they were self-evident. Another classic problem is how to understand the difference between logic and rhetoric. The difference between the two is due to the presence of questions explicitly answered in the premises in logic and only suggested (or remaining indeterminate) in rhetoric.

scholarly journals The Respiration of some Planktonic copepods II. The Effect Of Temperature

1953 ◽  
Vol 31 (3) ◽  
pp. 447-460 ◽  
Author(s):  
D. T. Gauld ◽  
J. E. G. Raymont
Keyword(s):  
Respiratory Rate ◽  
The Body ◽  
The Other ◽  
Effect Of Temperature ◽  
Acartia Clausi ◽  
Temora Longicornis ◽  
Different Temperatures ◽  
Planktonic Copepods ◽  
The Difference ◽  
The Relationship

The respiratory rates of three species of planktonic copepods, Acartia clausi, Centropages hamatus and Temora longicornis, were measured at four different temperatures.The relationship between respiratory rate and temperature was found to be similar to that previously found for Calanus, although the slope of the curves differed in the different species.The observations on Centropages at 13 and 170 C. can be divided into two groups and it is suggested that the differences are due to the use of copepods from two different generations.The relationship between the respiratory rates and lengths of Acartia and Centropages agreed very well with that previously found for other species. That for Temora was rather different: the difference is probably due to the distinct difference in the shape of the body of Temora from those of the other species.The application of these measurements to estimates of the food requirements of the copepods is discussed.

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