Friday, November 11, 2011

We Won't Get a Bias

In modern society we see it almost every day. If we have a bias, that bias will be reflected in our opinions.

For many who like and revere coach Paterno, they may come down on his side, without even knowing the facts, or caring about them.

For some people who immediately thought Paula Jones was a victim of Democrat Bill Clinton, Republican Herman Cain's accusers are gold diggers.

One may expect John Corzine to be a poster boy for the Occupy Wall Street folks to hang their hat on because of the MF Global news, but because of the letter before or after his name, he is notably absent in some of the protests.

There are probably a dozen or more examples in the right here and right now.

One place we will not get a bias is at this year's RTIP in Arizona. Caroline Betts, an economist, will be talking about takeout.  More than likely she will not use the words "put on the show" or "horse racing is expensive so we need to charge a high price" in her presentation. It won't be based on qualitative bias or industry talking points, but on the quantitative and what those numbers show.

We need the quantitative in racing, because when we manage the sport like you or I manage our businesses - with return on investment in mind rather than on innuendo or bias - we have a chance for it to grow.

4 comments:

Caroline said...

Thank you PTP...

ITP said...

While what Caroline will have to say is invaluable, the vast majority of the attendees will not listen....will not care....will not understand....will be only worried about getting out of there for food, golf or cocktails.

It's the biggest clusterfvck of a conference in the history of conferences.

Racing would be so much better off if everyone that attended was banished from the industry for life and were replaced by random people off the street. They couldn't possibly be, or do, any worse.

Harsh but true.

The_Knight_Sky said...

Best wishes to Dr. Betts.

Those who work in the horse racing industry must not only listen but ACT towards correcting the pricing mechanism.

Not doing so puts you out of a job in the not distant future. Parimutuel pricing was correct or optimal in the 1950's and 60's.

It is time to for horse racing to reverse and make wagering on horses a worthwhile endeavor for the general public.

Pull the Pocket said...

I watched the Pepsico special on CNBC last week. It was pretty decent. It showed how much never-ending work goes into products, new tastes (there is a VP of new products who goes to small villages in China looking at new tastes and sweetners) and new markets.

It was a gentle reminder how far we are from that in business - and Pepsico is not an exception, but the norm.

Pricing has barely been studied by the racing industry, it is simply something that's "there". If the business wanted to put 1/10 of 0.1% of slot cash into something, a study on pricing would not be a bad spot. Someone has to do it.

PTP