Accession Number : AD0606923

Title :   CONSENSUS OF SUBJECTIVE PROBABILITIES: THE PARI-MUTUEL METHOD,

Corporate Author : RAND CORP SANTA MONICA CALIF

Personal Author(s) : Eisenberg,Edmund ; Gale,David

Report Date : 22 MAY 1958

Pagination or Media Count : 8

Abstract : Under the pari-mutuel system of betting on horse races the final track's odds are in some sense a consensus of the 'subjective odds' of the individual bettors weighted by the amounts of their bets. The properties which this consensus must possess and prove that there always exists a unique set of odds having the required properties are formulated. (Author)

Descriptors :   (*GAME THEORY, PROBABILITY), (*PROBABILITY, GAME THEORY), CALCULUS OF VARIATIONS, THEOREMS

Distribution Statement : APPROVED FOR PUBLIC RELEASE