The University of Buckingham Press Journals
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STYLISTIC APPROACH OF JULIAN THE EMPEROR AND GREGORY NAZIANZEAN
Get PDFThis study examines the rhetorical practice in both orators, Gregory Nazianzean and Julian the Emperor. Its purpose is to describe their style and explain the way of their rhetoric choices into a multidisciplinary framework
Editorial Introduction
Get PDFMany Law schools publish their own law journals. In the United Kingdom, these are often edited by faculty staff. At the University of Buckingham, the Law School staff edit and publish an annual journal – The Denning Law Journal. It is named after the most famous and influential judicial figure of the century 20th Century, Lord Denning (1899 – 1999)
PREDICTING HORSE RACE WINNERS THROUGH A REGULARIZED CONDITIONAL LOGISTIC REGRESSION WITH FRAILTY
No full textConditional logistic regression has remained a mainstay in predicting horse racing out- comes since the 1980’s. In this paper, we propose and apply novel modifications of the regression model to include parameter regularization and a frailty contribution that exploits winning dividends. Additionally, the entire model was fit using state-of-the art parallelization methods on commodity graphical processing units. (GPU) The model is trained using 4 years of horse racing data from Hong Kong, and then tested on a hold-out year of races. Simulated betting produces a return on investment significantly higher than any other published methods involving Hong Kong races
The “Large-Firm” Effect? Bettor Preferences and Market Prices in NCAA Football
No full textAbstract: NCAA football has a clear classification of “large” (AQ) and “small” (non-AQ) conferences. This setting lends itself to the testing of the “small-firm” effect found in financial markets in the college football betting market. The “small-firm” effect occurs when small cap firms outperform large cap firms; typically attributed to difficulty and costs in finding information on small firms. In college football, AQ-teams win more than implied by efficiency against non-AQ teams. At the same time, AQ teams receive a disproportionate share of bets on these games. The likely rationale behind these findings is the incentives created by the BCS system which leads the point spread to not be a true random variable within this market
AN EMPIRICAL ANALYSIS OF CHOICES BETWEEN GAMBLES OF CHILDREN AND ADULTS IN CHINA
No full textIn a unique study Harbaugh, Krause and Vesterlund (2002), reported the interesting result that children exhibit different probability weighting to adults. In particular, children underweighted small probabilities. An objective of this paper is to re-examine this issue employing children respondents from a different ethnic background. Overall, our results for Chinese children (age 4-6) are broadly consistent with those of Harbaugh, Krause and Vesterlund (2002) in that over a range of low probabilities they appear to underweight small probabilities though not for the smallest probabilities. The outcomes for Chinese high school students, aged 11-14, are similar to those for children in some respects and broadly consistent with the results reported by Harbaugh, Krause and Vesterlund (2002). Our results for Chinese adults (age 20-57) are not consistent with the results reported for Western respondents but are consistent with those reported for some non-western respondents
BETTING MARKET: Rank Dependent Expected Utility
No full textIn Pelota matches, games with two mutually exclusive and exhaustive outcomes, bets on the winner are made through a middleman who receives 16% of the finally paid amount. The classical decision theory of expected utility maximization can not explain this market assuming bettors are identical. Llorente and Aizpurua (2007) explain the existence of bets in the market under Quiggin’s rank dependent expected utility (RDEU) model. They find that bettors have to be optimistic in order to explain the existence of a bet. Analyzing the way odds are fixed in the market Llorente (2006) finds that assuming equal return on bets there are inefficiencies in the market. In this paper we show that, given an assumption that bettors are rank dependent expected utility maximizers, these inefficiencies tend to disappear
NEW EVIDENCE ON THE LINK BETWEEN GOVERNMENT SUBSIDIES AND WAGERING
No full textThe total volume of wagering on horse racing is important because it affects both racetrack and state revenues. This paper uses both daily data and data from individual races to explore the influence of a particular government subsidy, the sire stakes, on the racing industry. Previous work using daily data has found that this subsidy has no statistically reliable influence on the volume of wagering and that it amounts to a direct transfer from taxpayers to the breeding industry. My much larger sample of daily data produces the same result, but using new data from individual races, the results differ: I find a small but statistically significant increase in wagering on subsidized races. The increase is probably just too small to be detected in daily data. My results suggest, though, that the economic significance of the increase is almost surely too little to recoup the government’s investment fully. For subsidized races to be a good use of taxpayers’ money, then either taxpayers must derive other benefits or else the state must generate additional revenue because of the subsidy. I list several possible avenues to make that argument. I also suggest public goods that the industry might produce
ESTIMATING SOCCER RESULTS IN THE ISRAELI LEAGUE
No full textIn this paper, we suggest a method that uses past soccer tournament results to estimate the probabilities for the various possible scores of soccer game matches.Given forecasted probabilities, we try to have the best guess for bets concerning the results in the Israeli league. We applied the method for estimating the probabilities of wining, losing or ending in a tie for any possible future match amongst the sixteen premier Israeli league teams. The method we suggest may be used for sport bets for decreasing cost while improving the probability of success
EVALUATION OF THE PATHOLOGIC POTENTIAL OF GAMBLING PRODUCTS
No full textIn discussions of gambling addiction to specific games, the market size and the proceeds generated by the game are usually disregarded. Inclusion of these parameters results in a relativization of the picture of gambling addiction. A fundamental principle for such an analysis is the separation between absolute numbers and ratios, which is a common procedure in economic contexts
HOME BIAS AND INTERNATIONAL BETTING MARKETS: CAN INSTITUTIONAL CONSTRAINTS AND BEHAVIORAL BIASES LEAD TO ARBITRAGE PROFITS?
No full textThe international sports betting markets are becoming more global, but there is still a large concentration of local bettors in gambling markets of individual countries. Home loyalty and other patterns of human behavior might lead to odds for international competitions being different in different countries with less favorable odds being quoted in the home country; the home bias effect. In this paper we explain the logic of this phenomena and examine a small data set to show the existence of the bias in three different sports: tennis, golf, and European football. We also suggest ideas for a more thorough investigation of the home bias phenomenon