{"id":"https://openalex.org/W2951684098","doi":"https://doi.org/10.3390/e21060585","title":"Betting, Selection, and Luck: A Long-Run Analysis of Repeated Betting Markets","display_name":"Betting, Selection, and Luck: A Long-Run Analysis of Repeated Betting Markets","publication_year":2019,"publication_date":"2019-06-13","ids":{"openalex":"https://openalex.org/W2951684098","doi":"https://doi.org/10.3390/e21060585","mag":"2951684098","pmid":"https://pubmed.ncbi.nlm.nih.gov/33267299"},"language":"en","primary_location":{"id":"doi:10.3390/e21060585","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e21060585","pdf_url":"https://www.mdpi.com/1099-4300/21/6/585/pdf?version=1560409200","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj","pubmed"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/1099-4300/21/6/585/pdf?version=1560409200","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5016217974","display_name":"Giulio Bottazzi","orcid":"https://orcid.org/0000-0003-2565-4732"},"institutions":[{"id":"https://openalex.org/I162290304","display_name":"Scuola Superiore Sant'Anna","ror":"https://ror.org/025602r80","country_code":"IT","type":"education","lineage":["https://openalex.org/I162290304"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Giulio Bottazzi","raw_affiliation_strings":["Institute of Economics &amp; Department EMbeDS, Scuola Superiore Sant\u2019Anna, Piazza Martiri della Libert\u00e0 33, 56127 Pisa, Italy"],"raw_orcid":"https://orcid.org/0000-0003-2565-4732","affiliations":[{"raw_affiliation_string":"Institute of Economics &amp; Department EMbeDS, Scuola Superiore Sant\u2019Anna, Piazza Martiri della Libert\u00e0 33, 56127 Pisa, Italy","institution_ids":["https://openalex.org/I162290304"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5056862956","display_name":"Daniele Giachini","orcid":"https://orcid.org/0000-0002-0001-5240"},"institutions":[{"id":"https://openalex.org/I162290304","display_name":"Scuola Superiore Sant'Anna","ror":"https://ror.org/025602r80","country_code":"IT","type":"education","lineage":["https://openalex.org/I162290304"]}],"countries":["IT"],"is_corresponding":true,"raw_author_name":"Daniele Giachini","raw_affiliation_strings":["Institute of Economics &amp; Department EMbeDS, Scuola Superiore Sant\u2019Anna, Piazza Martiri della Libert\u00e0 33, 56127 Pisa, Italy"],"raw_orcid":"https://orcid.org/0000-0002-0001-5240","affiliations":[{"raw_affiliation_string":"Institute of Economics &amp; Department EMbeDS, Scuola Superiore Sant\u2019Anna, Piazza Martiri della Libert\u00e0 33, 56127 Pisa, Italy","institution_ids":["https://openalex.org/I162290304"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5016217974","https://openalex.org/A5056862956"],"corresponding_institution_ids":["https://openalex.org/I162290304"],"apc_list":{"value":2000,"currency":"CHF","value_usd":2165},"apc_paid":{"value":2000,"currency":"CHF","value_usd":2165},"fwci":2.2564,"has_fulltext":true,"cited_by_count":8,"citation_normalized_percentile":{"value":0.91633025,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"21","issue":"6","first_page":"585","last_page":"585"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11674","display_name":"Sports Analytics and Performance","score":0.9991000294685364,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11674","display_name":"Sports Analytics and Performance","score":0.9991000294685364,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9873999953269958,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10315","display_name":"Decision-Making and Behavioral Economics","score":0.9768000245094299,"subfield":{"id":"https://openalex.org/subfields/1800","display_name":"General Decision Sciences"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/luck","display_name":"Luck","score":0.899608850479126},{"id":"https://openalex.org/keywords/odds","display_name":"Odds","score":0.7850463390350342},{"id":"https://openalex.org/keywords/constant","display_name":"Constant (computer programming)","score":0.5581602454185486},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.5517350435256958},{"id":"https://openalex.org/keywords/class","display_name":"Class (philosophy)","score":0.5289516448974609},{"id":"https://openalex.org/keywords/event","display_name":"Event (particle physics)","score":0.5154455900192261},{"id":"https://openalex.org/keywords/simple","display_name":"Simple (philosophy)","score":0.5112905502319336},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.5050013661384583},{"id":"https://openalex.org/keywords/mathematical-economics","display_name":"Mathematical economics","score":0.45973196625709534},{"id":"https://openalex.org/keywords/selection","display_name":"Selection (genetic algorithm)","score":0.43236297369003296},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.3386958837509155},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.3210345506668091},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.3105785846710205},{"id":"https://openalex.org/keywords/statistics","display_name":"Statistics","score":0.1891886293888092},{"id":"https://openalex.org/keywords/logistic-regression","display_name":"Logistic regression","score":0.16812020540237427},{"id":"https://openalex.org/keywords/artificial-intelligence","display_name":"Artificial intelligence","score":0.10703900456428528}],"concepts":[{"id":"https://openalex.org/C61783943","wikidata":"https://www.wikidata.org/wiki/Q1970348","display_name":"Luck","level":2,"score":0.899608850479126},{"id":"https://openalex.org/C143095724","wikidata":"https://www.wikidata.org/wiki/Q515895","display_name":"Odds","level":3,"score":0.7850463390350342},{"id":"https://openalex.org/C2777027219","wikidata":"https://www.wikidata.org/wiki/Q1284190","display_name":"Constant (computer programming)","level":2,"score":0.5581602454185486},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5517350435256958},{"id":"https://openalex.org/C2777212361","wikidata":"https://www.wikidata.org/wiki/Q5127848","display_name":"Class (philosophy)","level":2,"score":0.5289516448974609},{"id":"https://openalex.org/C2779662365","wikidata":"https://www.wikidata.org/wiki/Q5416694","display_name":"Event (particle physics)","level":2,"score":0.5154455900192261},{"id":"https://openalex.org/C2780586882","wikidata":"https://www.wikidata.org/wiki/Q7520643","display_name":"Simple (philosophy)","level":2,"score":0.5112905502319336},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5050013661384583},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.45973196625709534},{"id":"https://openalex.org/C81917197","wikidata":"https://www.wikidata.org/wiki/Q628760","display_name":"Selection (genetic algorithm)","level":2,"score":0.43236297369003296},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.3386958837509155},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3210345506668091},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3105785846710205},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.1891886293888092},{"id":"https://openalex.org/C151956035","wikidata":"https://www.wikidata.org/wiki/Q1132755","display_name":"Logistic regression","level":2,"score":0.16812020540237427},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.10703900456428528},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C27206212","wikidata":"https://www.wikidata.org/wiki/Q34178","display_name":"Theology","level":1,"score":0.0},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.3390/e21060585","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e21060585","pdf_url":"https://www.mdpi.com/1099-4300/21/6/585/pdf?version=1560409200","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},{"id":"pmid:33267299","is_oa":false,"landing_page_url":"https://pubmed.ncbi.nlm.nih.gov/33267299","pdf_url":null,"source":{"id":"https://openalex.org/S4306525036","display_name":"PubMed","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy (Basel, Switzerland)","raw_type":null},{"id":"pmh:oai:doaj.org/article:7020338ae5214f988197c9d59e6a94bd","is_oa":true,"landing_page_url":"https://doaj.org/article/7020338ae5214f988197c9d59e6a94bd","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy, Vol 21, Iss 6, p 585 (2019)","raw_type":"article"},{"id":"pmh:oai:mdpi.com:/1099-4300/21/6/585/","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/e21060585","pdf_url":null,"source":{"id":"https://openalex.org/S4306400947","display_name":"MDPI (MDPI AG)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210097602","host_organization_name":"Multidisciplinary Digital Publishing Institute (Switzerland)","host_organization_lineage":["https://openalex.org/I4210097602"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy","raw_type":"Text"},{"id":"pmh:oai:pubmedcentral.nih.gov:7515073","is_oa":true,"landing_page_url":"https://www.ncbi.nlm.nih.gov/pmc/articles/7515073","pdf_url":null,"source":{"id":"https://openalex.org/S2764455111","display_name":"PubMed Central","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy (Basel)","raw_type":"Text"},{"id":"pmh:oai:www.iris.sssup.it:11382/530354","is_oa":false,"landing_page_url":"http://hdl.handle.net/11382/530354","pdf_url":null,"source":{"id":"https://openalex.org/S4377196376","display_name":"CINECA IRIS Institutional Research Information System (Sant'Anna School of Advanced Studies)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I162290304","host_organization_name":"Scuola Superiore Sant'Anna","host_organization_lineage":["https://openalex.org/I162290304"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":{"id":"doi:10.3390/e21060585","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e21060585","pdf_url":"https://www.mdpi.com/1099-4300/21/6/585/pdf?version=1560409200","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.6700000166893005}],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2951684098.pdf","grobid_xml":"https://content.openalex.org/works/W2951684098.grobid-xml"},"referenced_works_count":19,"referenced_works":["https://openalex.org/W1664920104","https://openalex.org/W1873980194","https://openalex.org/W2034489173","https://openalex.org/W2041636470","https://openalex.org/W2090412572","https://openalex.org/W2119303207","https://openalex.org/W2272850383","https://openalex.org/W2405912057","https://openalex.org/W2586291208","https://openalex.org/W2745612020","https://openalex.org/W2911148861","https://openalex.org/W2961414369","https://openalex.org/W3122492594","https://openalex.org/W3122920415","https://openalex.org/W3123092513","https://openalex.org/W3123412174","https://openalex.org/W3124462540","https://openalex.org/W3125076102","https://openalex.org/W6637151504"],"related_works":["https://openalex.org/W2492583102","https://openalex.org/W1591252263","https://openalex.org/W2467763060","https://openalex.org/W2247420603","https://openalex.org/W2082016267","https://openalex.org/W2497388629","https://openalex.org/W4323306857","https://openalex.org/W2479431988","https://openalex.org/W435498376","https://openalex.org/W2903639536"],"abstract_inverted_index":{"We":[0,21],"consider":[1],"a":[2,13,92],"repeated":[3],"betting":[4,19,96],"market":[5],"populated":[6],"by":[7,109],"two":[8,40],"agents":[9,41],"who":[10],"wage":[11],"on":[12,27],"binary":[14],"event":[15],"according":[16],"to":[17,33,52,59,77,118],"generic":[18],"strategies.":[20],"derive":[22],"new":[23],"simple":[24],"criteria,":[25,87],"based":[26],"the":[28,35,39,43,54,61,73,78,80,103,119],"difference":[29],"of":[30,38,95,121],"relative":[31,36],"entropies,":[32],"establish":[34],"wealth":[37],"in":[42],"long-run.":[44],"Little":[45],"information":[46],"about":[47],"agents'":[48],"behavior":[49],"is":[50,57,99,106],"needed":[51],"apply":[53,115],"criteria:":[55],"it":[56,98],"sufficient":[58],"know":[60],"odds":[62,74],"traders":[63],"believe":[64],"fair":[65],"and":[66,127],"how":[67],"much":[68],"they":[69],"would":[70],"bet":[71],"when":[72],"are":[75],"equal":[76],"ones":[79],"other":[81],"agent":[82],"believes":[83],"fair.":[84],"Using":[85],"our":[86,116],"we":[88,114],"show":[89],"that":[90,102],"for":[91],"large":[93],"class":[94],"strategies,":[97],"generically":[100],"possible":[101],"ultimate":[104],"winner":[105],"only":[107],"decided":[108],"luck.":[110],"As":[111],"an":[112],"example,":[113],"conditions":[117],"case":[120],"Constant":[122],"Relative":[123],"Risk":[124],"Averse":[125],"(CRRA)":[126],"quantal":[128],"response":[129],"betting.":[130]},"counts_by_year":[{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":3},{"year":2020,"cited_by_count":1}],"updated_date":"2026-05-06T08:25:59.206177","created_date":"2025-10-10T00:00:00"}
