Teaching Note: Decision making using the racetrack betting markets. (21st August 2009)

• Record Type: Journal Article
• Authors: Rappaport, Jack; Richter, Stephen B.
• Is Part Of: International journal of applied decision sciences. Volume 2:Number 3(2009)
• Page Start: 327
• Page End: 340
• Publication Date: 2009-08-21
• Subjects: decision making -- uncertainty -- experiential learning -- horse race betting -- statistics -- horse racing; Decision making -- Periodicals; Management science -- Periodicals; 658.403005
• Languages: English
• ISSNs: 1755-8077

Abstract

This paper describes an experiential learning case that uses the horse race betting markets as a vehicle to understand the process of decision making. In horse racing the spectator is also a decision maker. The experiment consists of using the class as a mini-simulcast centre whereby races are simulcast to the class from the internet and projected onto a big screen. The students also have access to individual terminals where they can access the real time wagering (betting) pools of a particular race and use Excel spreadsheets to monitor the results of their decisions.