EDDIE Beats the Bookies

Created by W.Langdon from gp-bibliography.bib Revision:1.4420

  author =       "James M. Butler and Edward P. K. Tsang",
  title =        "EDDIE Beats the Bookies",
  institution =  "Computer Science, University of Essex",
  year =         "1995",
  type =         "Technical Report",
  number =       "CSM-259",
  address =      "Colchester CO4 3SQ, UK",
  month =        "15 " # dec,
  keywords =     "genetic algorithms, genetic programming",
  URL =          "http://cswww.essex.ac.uk/CSP/papers/CSM-259.ps.Z",
  URL =          "http://citeseer.ist.psu.edu/tsang98eddie.html",
  abstract =     "Betting on a horse race is, in many ways, like
                 investing in a financial market. You invest your money
                 on the horse that you believe is going to win the race,
                 in the hope of a return on your investment. Like some
                 financial investments, horse race betting is a high
                 risk investment, in that you can lose all of your
                 money. As with making the right financial decision, the
                 return on your investment, if you bet on the winning
                 horse, can be considerable. In this paper, we present
                 EDDIE, a genetic...",
  notes =        "

                 EDDIE, which stands for Evolutionary Dynamic Data
                 Investment Evaluator, is designed as a tool to help
                 channelling expert's knowledge into computer programs
                 for making rules, which can then be examined by experts
                 and used by other people. EDDIE is based on the concept
                 of Genetic Programming, which borrows its ideas from
                 evolution. EDDIE been applied to real horse races. We
                 used the first 150 handicap races results in 1993
                 together with the expert knowledge that we could find
                 from a text on horse racing to train EDDIE, which
                 generates rules about betting. These rules were used to
                 bet on the remaining 30 races in that season and
                 obtained 88% return on investment. As scientists, we
                 should always be cautious about experimental results.
                 The sample size is small and luck may have a part to
                 play in the success of EDDIE. However, the results
                 justifies the investment of more time and effort into
                 this research, which is what we are doing. See also

Genetic Programming entries for James M Butler Edward P K Tsang