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Here is the line-up for the Monty Python World Cup soccer match between German and Greek philosophers:
From: Monty Python
And the actual match:
With Greece’s odds 125/1 for winning World Cup 2014 and Germany’s 4/1, it is highly unlikely that they will oppose each other this year. Looking at these numbers, economists who have studied World Cup betting markets say they are “efficient” because prices and odds reflect all relevant information known about the teams. As Barron’s explains, we can conclude that World Cup betting markets are efficient because, “…prices and odds in the soccer betting market react ‘swiftly and fully’ to a goal, without the complications from leaked information often seen in financial markets.”
Our bottom line? Enjoy!
I am Elaine Schwartz, an economics writer, teacher, and the founder of econlife®. In so many places and ways, I have tried to make economics interesting and accessible so we could be personally, professionally, and politically knowledgeable.
