Abstract Horse racing has existed in India since the British established race clubs across the continent as places for socializing and legal gambling. Today, betting on horses in Delhi is a form of speculation, where bettors not only calculate probabilities of horses, but try to figure out insider knowledge of rigged races by observing the odds. This becomes particularly evident when betting odds on a particular horse suddenly change with an accelerating speed because people start betting for the same horse – a phenomenon, in finance, known as ‘herding’. Inspired by Clifford Geertz’ study of the connection between betting odds and deep play, the study identifies deeper causes of market volatility, beyond market strategies and crowd psychology, in the cosmology of uncertainty of the society in which the speculative market is located.

中文翻译：

---

对印度赛车赔率的猜测

摘要 自从英国在整个非洲大陆建立赛马俱乐部作为社交和合法赌博的场所以来，赛马就在印度存在。今天，在德里投注马匹是一种投机形式，投注者不仅计算马匹的概率，还试图通过观察赔率来了解被操纵比赛的内幕知识。当对特定马匹的投注赔率突然以加速的速度变化时，这一点变得尤为明显，因为人们开始为同一匹马投注——这种现象在金融领域被称为“羊群效应”。受 Clifford Geertz 对投注赔率和深度游戏之间联系的研究的启发，该研究在投机市场所在社会的不确定性宇宙学中确定了市场波动的更深层次原因，超越了市场策略和人群心理。