bet book

In gambling a Dutch book or lock is a set of odds and bets which guarantees a profit, regardless of the outcome of the gamble. It is associated with probabilities implied by the odds not being coherent.
In economics a Dutch book usually refers to a sequence of trades that would leave one party strictly worse off and another strictly better off. Typical assumptions in consumer choice theory rule out the possibility that anyone can be Dutch-bookedWhichever horse wins in this example, the bookmaker will pay out 200 (including returning the winning stake) - hence making a profit of 10 on each bet.
If Horse 4 were withdrawn and the bookmaker were foolish enough not to adjust the other odds, the implied probabilities would add up to 0.95. In such a case, a gambler could lock in (guarantee himself) a profit of 10 by betting 100, 50 and 40 on the remaining three horses, respectively.
Other forms of Dutch books can exist when incoherent odds are offered on exotic bets such as forecasting the order in which horses will finish. With competitive fixed-odds gambling being offered electronically, gamblers can sometimes create a Dutch book by selecting the best odds from different bookmakers, in effect by undertaking an arbitrage operation. The bookmakers should react by adjusting the offered odds in the light of demand, so as to remove the potential profit.
In Bayesian probability, Frank P. Ramsey and Bruno de Finetti required personal degrees of belief to be coherent so that a Dutch book could not be made against them, whichever way bets were made. Necessary and sufficient conditions for this are that their degrees of belief satisfy the axioms of probability.
In economics the classic example of a situation in which a consumer X can be Dutch-booked is if he or she has intransitive preferences. Suppose that for this consumer, A is preferred to B, B is preferred to C, and C is preferred to A. Then suppose that someone else in the population, Y, has one of these goods. Without loss of generality, suppose Y has good A. Then Y can first sell A to X for B + ε; then sell B to X for C + ε; then sell C to X for A + ε, where ε is some small amount of the numeraire. After this sequence of trades, X has given 3·ε to Y for nothing in return. Y will have exploited an arbitrage opportunity by taking advantage of X's intransitive preferences.
Economists usually argue that people with preferences like X's will have all their wealth taken from them in the market. If this is the case, we won't observe preferences with intransitivities or other features that allow people to be Dutch-booked. However, if people are somewhat sophisticated about their intransitivities and/or if competition by arbitrageurs drives epsilon to zero, non-"standard" preferences may still be observable.
Black Entertainment Television is an American cable network based in Washington, D.C. targeted toward young blacks and urban audiences in the United States. The network is commonly referred to as B.E.T. and most of its programming comprises hip-hop and rap and R&B music videos as well as urban-oriented movies and series. BET was founded in 1980 by Robert L. Johnson.
On weekdays and Saturday, BET focuses mainly on urban music programming with shows like 106 & Park and Rap City.The network also shows much syndicated programming, with sitcoms such as A Different World, Sanford, Diff'rent Strokes, Girlfriends, The Parkers, The Steve Harvey Show, and Thea, dramas such as Soul Food and The Wire. On weeknights, Saturday nights, and Sunday afternoons, the network shows various films with black actors in lead roles under the series "BlackBuster Movies".[1] Original programming of the network includes reality programs like Baldwin Hills, College Hill, and Hell Date. On Saturday mornings, BET shows reruns of Just Jordan and Romeo!, children's shows from sister network Nickelodeon.
On Sundays, BET carries gospel music and other religious programming for the greater part of the day such as The Bobby Jones Gospel Hour, Video Gospel, and Lift Every Voice. Religious programming also airs in the early morning hours dailyBET Tonight was relaunched as a daily newscast, BET Nightly News with Jacque Reid, which began in 1999 as an extension of its news coverage. BET's news coverage became a part of the network in October 1986. After the nightly newscast was removed from the lineup in the summer of 2005, it returned in October 2005 delivering news updates on BET throughout the day and, in 2006, as a Sunday afternoon news hour.
BET airs a number of specials, including awards shows, fashion shows, and music specials. The BET Awards honors black entertainers, athletes and actors. It is usually BET's highest rated show of the year. The BET Hip Hop Awards is BET's largest music awards show, recognizing hip hop performers, producers and music video directors. Celebration of Gospel is an annual show featuring performances by the brightest stars in gospel and R&B, and television’s #1 religious/gospel telecast. Rip The Runway, a collision of hip hop and fashion is the network's annual fashion show. Spring Bling airs during spring break each year; a show dedicated to the goings on of spring breakers. In 2008, BET launched a new awards show, The BET Honors, which recognizes the lives and accomplishments of distinguished members of the Black American CommunityMany prominent media critics, including Public Enemy rapper Chuck D,[2] journalist George Curry,[3] writer Keith Boykin,[4] comic book creator Christopher Priest,[5] filmmaker Spike Lee[6] and cartoonist Aaron McGruder (who, in addition to numerous critical references throughout his series, The Boondocks, made a particular episode criticizing the channel), have protested BET's programming and actions. The channel has been criticized by members of the African-American community who feel that the channel perpetuates harmful black stereotypes by primarily airing hip-hop videos that often have misogynistic, materialistic, and/or violent themes.[7] As a result, BET heavily censors suggestive content from the videos that it airs, often with entire verses removed from certain rap videos.[8][9] "Enough is Enough" is a group led by the Reverend Delman Coates that has devoted much time to protesting BET under the grounds that much of BET's hip-hop videos are degrading.[9][8] It backed an April 2008 report titled The Rap on Rap by the Parents Television Council that claimed that BET hip-hop programming, which they believed contained gratuitously sexual, violent, and profane content, was targeting children and teensThe spin off channel BET J, originally called BET Jazz, is available in 28 million homes on DirecTV, Verizon FiOS TV as well as other digital cable providers. Programs include My Two Cents with Keith Boykin, Bryonn Bain, Crystal McCreary Anthony and Staceyann Chin, The Best Shorts hosted by Abiola Abrams, Living the Life of Marley about Ky-Mani Marley, My Model is Better Than Your Model with Eva Pigford and The Turn On hosted by Charlotte Burley. This channel is meant to appeal to an older, more sophisticated viewership, and aims to be the answer to the BET criticism with positive, adult programming.
BET's success, and the controversy over its content, has spawned a few smaller competitors aiming toward the African-American market. Although some like NUE TV (New Urban Entertainment Television) and Black Family Channel (formerly MBC) had little success, others like TV One have thrived and succeeded, mostly by eschewing BET's music-based programming for more family-oriented fare. However these networks are mostly watched by older African-Americans and BET continues to be mostly watched by the youth. A possible new arrival to Internet TV and broadcasting, The African American Channel, is making an attempt to enter the picture. Broadcasting and Cable magazine pointed out that The African American Channel could become a competitor of BET and others such as Black Family Channel and TV One in the not-so-distant future.[11]. In 2008, rapper Master P, who claims to have a "great relationship with BET", announced the launch of Better Black Television, which he intended to meet "consumer demand for family friendly hip-hop contentBET International Inc was given a license to broadcast in the United Kingdom in May 2007 by Ofcom. BET UK will is the first international version of the channel. BET is available on Sky Digital Channel 209 after launching on Wednesday 27th February 2008 and on Freesat Channel 140 after launching on August 8. BET UK shows a mix of content from the main BET channel and locally produced showsBET became available in Canada in October 1997 on most cable and satellite carriers. The Canadian feed is the same as the American feed with the only exceptions being sitcoms. Most sitcoms and movies are replaced with music videos in a similar format to the daytime show BET Now with the exception being that there are limited commercial breaks and the BET bug doesn't appear in the bottom right corner. The majority of music videos being aired in place of movies and sitcoms are ones that were released during the summer of 2006