Forward pricing

Five runners with skew-normal performance densities, identical scale and shape. Each slider shifts that runner's density. The state prices (normalised winning probabilities) and the implied dividends update live, multiplicity-aware.

Notice: when two abilities are equal the prices are equal (set-coherence). Move one runner far to the left and watch the field collapse onto it (probability of winning → 1). Move one far to the right and its price drifts to zero, with the field dividing the remaining mass.