EDDIE Beats the Bookies

by

Butler, J., M. and Tsang, E., P., K.

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Info: 1995
Keywords:genetic algorithms, genetic programming
Notes:
Technical Report 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.
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BibTex:
@TechReport{butler:1995:eddie,
  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://sh656.essex.ac.uk/CSP/papers/CSM-259.ps.Z",
  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.",
}