Title: Teaching Note: Decision making using the racetrack betting markets

Authors: Jack Rappaport, Stephen B. Richter

Addresses: Management Department, La Salle University, Philadelphia, PA 19141, USA. ' Department of Accountancy and MIS, Villanova University, Villanova, PA 19085, USA

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.

Keywords: decision making; uncertainty; experiential learning; horse race betting; statistics; horse racing.

DOI: 10.1504/IJADS.2009.027934

International Journal of Applied Decision Sciences, 2009 Vol.2 No.3, pp.327 - 340

Available online: 20 Aug 2009 *

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