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Calcutta Auction
A Calcutta auction is an open auction held in conjunction with a golf tournament, horse race or similar contest with multiple entrants. It is popular in backgammon, the Melbourne Cup, and college basketball pools during March Madness. Culcutta auction is a sequential auction, where the bidding for each contestant begins in random order, with only one contestant being bid upon at any time. Accordingly, participants (originally in Calcutta, India, from where this technique was first recorded by the Colonial British) bid among themselves to "buy" each of the contestants, with each contestant being assigned to the highest bidder. The contestant will then pay out to the owner a predetermined proportion of the pool depending on how it performs in the tournament. While variations in payoff schedules exist, in an NCAA Basketball tournament (64 teams, single elimination) the payoffs could be: 1 win - 0.25%, 2 wins - 2%, 3 wins - 4%, 4 wins - 8%, 5 wins - 16%, tournament winner with 6 wins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse contexts. These contexts include antiques, paintings, rare collectibles, expensive wines, commodities, livestock, radio spectrum, used cars, real estate, online advertising, vacation packages, emission trading, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Golf
Golf is a club-and-ball sport in which players use various clubs to hit balls into a series of holes on a course in as few strokes as possible. Golf, unlike most ball games, cannot and does not use a standardized playing area, and coping with the varied terrains encountered on different courses is a key part of the game. Courses typically have either 18 or 9 ''holes'', regions of terrain that each contain a ''cup'', the hole that receives the ball. Each hole on a course contains a teeing ground to start from, and a putting green containing the cup. There are several standard forms of terrain between the tee and the green, such as the fairway, rough (tall grass), and various ''hazards'' such as water, rocks, or sand-filled ''bunkers''. Each hole on a course is unique in its specific layout. Golf is played for the lowest number of strokes by an individual, known as stroke play, or the lowest score on the most individual holes in a complete round by an individual or team, k ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Horse Race
Horse racing is an equestrian performance sport, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its basic premise – to identify which of two or more horses is the fastest over a set course or distance – has been mostly unchanged since at least classical antiquity. Horse races vary widely in format, and many countries have developed their own particular traditions around the sport. Variations include restricting races to particular breeds, running over obstacles, running over different distances, running on different track surfaces, and running in different gaits. In some races, horses are assigned different weights to carry to reflect differences in ability, a process known as handicapping. While horses are sometimes raced purely for sport, a major part of horse racing's interest and economic importance is in the gambling associated with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Backgammon
Backgammon is a two-player board game played with counters and dice on tables boards. It is the most widespread Western member of the large family of tables games, whose ancestors date back nearly 5,000 years to the regions of Mesopotamia and Persia. The earliest record of backgammon itself dates to 17th-century England, being descended from the 16th-century Irish (game), game of Irish.Forgeng, Johnson and Cram (2003), p. 269. Backgammon is a two-player game of contrary movement in which each player has fifteen piece (tables game), pieces, known traditionally as 'men' (short for 'tablemen') but increasingly known as 'checkers' in the US in recent decades. These pieces move along twenty-four 'point (tables game), points' according to the roll of two dice. The objective of the game is to move the fifteen pieces around the board and be first to ''bear off'', i.e., remove them from the board. The achievement of this while the opponent is still a long way behind results in a triple wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Melbourne Cup
The Melbourne Cup is a Thoroughbred horse race held in Melbourne, Australia. It is a 3200-metre race for three-year-olds and over, conducted by the Victoria Racing Club on the Flemington Racecourse in Melbourne, Victoria as part of the Melbourne Spring Racing Carnival. It is the richest "two-mile" handicap in the world and one of the richest turf races. The event starts at 3:00 pm on the first Tuesday of November and is known locally as "the race that stops the nation". The Melbourne Cup has a long tradition, with the first race held in 1861. It was originally run over but was shortened to in 1972 when Australia adopted the metric system. This reduced the distance by , and Rain Lover's 1968 race record of 3:19.1 was accordingly adjusted to 3:17.9. The present record holder is the 1990 winner Kingston Rule with a time of 3:16.3. Qualifying and race conditions The race is a quality handicap for horses three years old and over, run over a distance of 3200 metres, on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
College Basketball
In United States colleges, top-tier basketball is governed by collegiate athletic bodies including National Collegiate Athletic Association (NCAA), the National Association of Intercollegiate Athletics (NAIA), the United States Collegiate Athletic Association (USCAA), the National Junior College Athletic Association (NJCAA), and the National Christian College Athletic Association (NCCAA). Each of these various organizations is subdivided into one to three divisions, based on the number and level of scholarships that may be provided to the athletes. Each organization has different conferences to divide up the teams into groups. Teams are selected into these conferences depending on the location of the schools. These conferences are put in due to the regional play of the teams and to have a structural schedule for each team to play for the upcoming year. During conference play the teams are ranked not only through the entire NCAA, but the conference as well in which they have tourn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NCAA Men's Division I Basketball Championship
The NCAA Division I men's basketball tournament, branded as NCAA March Madness and commonly called March Madness, is a single-elimination tournament played each spring in the United States, currently featuring 68 college basketball teams from the Division I level of the National Collegiate Athletic Association (NCAA), to determine the national championship. The tournament was created in 1939 by the National Association of Basketball Coaches, and was the idea of Ohio State coach Harold Olsen. Played mostly during March, it has become one of the biggest annual sporting events in the United States. It has become extremely common in popular culture to predict the outcomes of each game, even among non-sports fans; it is estimated that tens of millions of Americans participate in a bracket pool contest every year. Mainstream media outlets such as ESPN, CBS Sports and Fox Sports host tournaments online where contestants can enter for free. Employers have also noticed a change in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sequential Auction
A sequential auction is an auction in which several items are sold, one after the other, to the same group of potential buyers. In a ''sequential first-price auction'' (SAFP), each individual item is sold using a first price auction, while in a ''sequential second-price auction'' (SASP), each individual item is sold using a second price auction. A sequential auction differs from a combinatorial auction, in which many items are auctioned simultaneously and the agents can bid on bundles of items. A sequential auction is much simpler to implement and more common in practice. However, the bidders in each auction know that there are going to be future auctions, and this may affect their strategic considerations. Here are some examples. Example 1. There are two items for sale and two potential buyers: Alice and Bob, with the following valuations: * Alice values each item as 5, and both items as 10 (i.e., her valuation is additive). * Bob values each item as 4, and both items as 4 (i.e., h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Calcutta
Kolkata (, or , ; also known as Calcutta , List of renamed places in India#West Bengal, the official name until 2001) is the Capital city, capital of the Indian States and union territories of India, state of West Bengal, on the eastern bank of the Hooghly River west of the border with Bangladesh. It is the primary business, commercial, and financial hub of East India, Eastern India and the main port of communication for North-East India. According to the 2011 Indian census, Kolkata is the List of cities in India by population, seventh-most populous city in India, with a population of 45 lakh (4.5 million) residents within the city limits, and a population of over 1.41 crore (14.1 million) residents in the Kolkata metropolitan area, Kolkata Metropolitan Area. It is the List of metropolitan areas in India, third-most populous metropolitan area in India. In 2021, the Kolkata metropolitan area crossed 1.5 crore (15 million) registered voters. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Empire
The British Empire was composed of the dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom and its predecessor states. It began with the overseas possessions and trading posts established by England between the late 16th and early 18th centuries. At its height it was the largest empire in history and, for over a century, was the foremost global power. By 1913, the British Empire held sway over 412 million people, of the world population at the time, and by 1920, it covered , of the Earth's total land area. As a result, its constitutional, legal, linguistic, and cultural legacy is widespread. At the peak of its power, it was described as "the empire on which the sun never sets", as the Sun was always shining on at least one of its territories. During the Age of Discovery in the 15th and 16th centuries, Portugal and Spain pioneered European exploration of the globe, and in the process established large overse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
North Carolina Tar Heels Men's Basketball
The North Carolina Tar Heels Men's basketball program is the college basketball team of the University of North Carolina at Chapel Hill. The Tar Heels have won six National Collegiate Athletic Association (NCAA) championships (1957, 1982, 1993, 2005, 2009, and 2017), in addition to a Helms Athletic Foundation retroactive title (1924), and participated in a record twenty-one Final Fours. It is the only school to have reached at least one Final Four for nine straight decades (no other school has done it in more than seven straight) and at least two Final Fours for six straight decades, all while averaging more wins per season played (20.7) than any other program in college basketball. In 2012, ESPN ranked North Carolina No. 1 on its list of th50 most successful programs of the past fifty years North Carolina's six NCAA championships (four in the shot clock era) are third-most all-time, behind UCLA (11) and Kentucky (8). UNC has also won eighteen Atlantic Coast Conference tournam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parimutuel Betting
Parimutuel betting or pool betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vigorish" are deducted, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the tote after the totalisator, which calculates and displays bets already made. In short, the word ''parimutuel'' implies tiered winnings/earnings. The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and other sporting events of relatively short duration in which participants finish in a ranked order. A modified parimutuel system is also used in some lottery games. Definition Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed – in fixed odds betting, the payout is agreed at the time the bet is sold. Parimutuel gambling is frequently state-regulated, and offered in many places where gamb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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