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What (who) is runaway prices - definition

ODDS APPLICABLE ON A HORSE RACE AS THE RACE IS ABOUT TO START

Starting Prices; Starting prices

Runaway train

UNCONTROLLED MOVEMENT OF RAILWAY ROLLING STOCK

Runaway Train

A runaway train is a type of railroad incident in which unattended rolling stock is accidentally allowed to roll onto the main line, a moving train loses enough braking power to be unable to stop in safety, or a train operates at unsafe speeds due to loss of operator control. If the uncontrolled rolling stock derails or hits another train, it will result in a train wreck.

https://en.wikipedia.org/wiki/Runaway_train

Fisherian runaway

SEXUAL SELECTION MECHANISM

Runaway evolution; Runaway sexual selection; Runaway selection

Fisherian runaway or runaway selection is a sexual selection mechanism proposed by the mathematical biologist Ronald Fisher in the early 20th century, to account for the evolution of ostentatious male ornamentation by persistent, directional female choice. An example is the colourful and elaborate peacock plumage compared to the relatively subdued peahen plumage; the costly ornaments, notably the bird's extremely long tail, appear to be incompatible with natural selection.

https://en.wikipedia.org/wiki/Fisherian_runaway

The Runaway Bus

1954 FILM BY VAL GUEST

The runaway bus

The Runaway Bus is a 1954 British comedy film produced, written, and directed by Val Guest. It stars Frankie Howerd, Margaret Rutherford and Petula Clark and an ensemble cast of character actors in a story about a bus caught in fog while a gang of crooks tries to carry off a heist.

https://en.wikipedia.org/wiki/The_Runaway_Bus

Wikipedia

Starting price

In horse racing, the starting price (SP) is the odds prevailing on a particular horse in the on-course fixed-odds betting market at the time a race begins. The method by which SPs are set for each runner varies in different countries but is generally by consensus of an appointed panel on the basis of their observations of the fluctuation in prices at the racetrack.

This is done as follows:

For each horse the odds offered by the bookmakers are ordered into a list from longest to shortest. This list is then divided into halves and the SP is the shortest odds available in the half containing the longest odds. Thus the SP or a longer price will have been offered by at least half the bookmakers in the sample.

Note: This method is slightly different from the method of calculating the median.

The principal function of a starting price is to determine returns on those winning bets where fixed odds have not been taken at the time the bet was struck.

Typically, on the day of the race, UK bookmakers offer a choice between placing a bet at SP, or taking a fixed price. When viewing future races, SP may be the only option available.

Some bookmakers offer best odds guaranteed, meaning that if a punter takes fixed odds on a race when the bet is struck and the SP turns out to be better (that is, higher), then if the punter wins, the payout is calculated using the SP. This is aimed at removing hesitancy among punters prompted by fears of taking what might prove to be a poor (that is, low) price before the race.

In the United Kingdom, the stake on an SP bet is returned if the horse is withdrawn before the race starts. For fixed-odds (ante-post) bets, the stake is retained by the bookmaker. Starting price provides a flexible way for punters to place their bets and potentially benefit from improved odds.

https://en.wikipedia.org/wiki/Starting price

Examples of use of runaway prices

1. The runaway prices at the pump "do help our cause," said organizer Brett Bader.

2. Just as in Nixon‘s day, government‘s response to runaway prices would have unintended consequences.

3. While the refining crunch is beyond OPEC‘s control, the cartel has done what it could to tame runaway prices.

4. The auction is timed to take advantage of the runaway prices in the market for Chinese art.

5. Silvinit alone accounts for over one–tenth of global supplies and, like Uralkali, is set to profit from runaway prices as shrinking grain stocks prompt farmers to buy more of the fertilizer.