The Magic Economics of Gambling

The Magic Economics of Gambling

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References:
[1] https://www.statista.com/statistics/253416/global-gambling-market-gross-win/
[2] http://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_MET_2017.pdf
[3] https://twitter.com/wendoverpro/status/1054533498722111488
[4] https://www.nber.org/papers/w18237.pdf
[5] https://twitter.com/wendoverpro/status/1054533837328281600
[6] https://twitter.com/wendoverpro/status/1054534236642795522
[7] http://www.its.caltech.edu/~snowberg/papers/Snowberg-Wolfers%20Risk%20Love%20or%20Decision%20Weights-NBER.pdf
[8] http://www.football-data.co.uk/blog/favourite_longshot_bias_tennis.php
[9] https://economix.blogs.nytimes.com/2010/06/02/the-bp-spill-and-the-favorite-longshot-bias/
[10] https://ac-els-cdn-com.ezproxy1.library.usyd.edu.au/S0167268114002194/1-s2.0-S0167268114002194-main.pdf?_tid=6aac86b2-7e4a-46d0-bf4d-5ab70e8db750&acdnat=1540355242_b9bcf6d0549207112968a3467b39a9a0
[11] https://www.hbs.edu/faculty/Publication%20Files/08-061_17c22e32-fe06-4b4a-8b5e-e09227fc8104.pdf
[12] https://www.commissions.leg.state.mn.us/ladder/120511prizelinkedsavingsFAQs.pdf

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The Magic Economics of Gambling

10 thoughts on “The Magic Economics of Gambling

  1. I think the creator of this video must have had a very sheltered life if they are just now realising that humans are not rational beings . Are they not aware that trump was elected president ( note: I am not a democrat , and no I didn't vote for him)

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  3. A 100% chance of gaining $5 and a 80% chance of getting $6.25 are not equivalent. Maybe for someone involved in 100 such transactions, but an individual involved once in this transaction has to decide if they prefer guaranteed money or more money gained at a risk – but they're not the same amount of money. You are either looking from the gambler's perspective or the casino's perspective, but taking a theoretical objective position in the mathematics dimension doesn't actually explain what's going on.

  4. Well, now insurance companies are making record profits in the U.S. because all the cost has been pushed on the consumers on top of extremely high premiums. We are talking about $400+/mth for a mid tier package and you don't want to have something happen to you on a low tier package because deductibles are extremely high before ins will cover anything. On top of this many businesses have switched to HSA accounts which just pushes all the cost on the consumer as well. This cost goes up or coverage goes down according to how much the drug companies want to make and they can go up without any reason on life saving drugs. Costing people lives yet a small fine if anything is done to them… time to make new laws protecting the people from big business having too much control over our lives.

  5. What a bullshit analysis by a 18 year old of insurance and gambling (as if there are anywhere related to each other).

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