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- Title
Can an Outcome’s Cumulative Probabilities Exceed 1? Only in Vegas!
- Authors
Kochman, Ladd; Bray, David; Gilliam, Ken
- Abstract
The article offers information on cumulative probabilities and their use by bookmakers. Topics discussed include the discrete probability distribution, the statistical methods used by bookmakers in the odds in sports betting, and the stacked odds as an example of behavioral economics. Also mentioned is the distribution of the total probability of 1 over various possible outcomes.
- Subjects
PROBABILITY theory; BOOKMAKERS (Gambling); DISCRETE probability theory; SPORTS betting; BEHAVIORAL economics
- Publication
Atlantic Economic Journal, 2018, Vol 46, Issue 1, p135
- ISSN
0197-4254
- Publication type
Article
- DOI
10.1007/s11293-017-9562-6