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Assigning Probabilities to the Outcomes of Multi-Entry Competitions
David A. Harville
Journal of the American Statistical Association
Vol. 68, No. 342 (Jun., 1973), pp. 312-316
Stable URL: http://www.jstor.org/stable/2284068
Page Count: 5
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The problem discussed is one of assessing the probabilities of the various possible orders of finish of a horse race or, more generally, of assigning probabilities to the various possible outcomes of any multientry competition. An assumption is introduced that makes it possible to obtain the probability associated with any complete outcome in terms of only the `win' probabilities. The results were applied to data from 335 thoroughbred horse races, where the win probabilities were taken to be those determined by the public through pari-mutuel betting.
Journal of the American Statistical Association © 1973 American Statistical Association