A model of casino gambling
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Works Title Until the bitter end: On prospect theory in a dynamic context Sebastian Ebert , Philipp Strack. A Matter of Preference?
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A model of casino gambling Author: Working paper series National Bureau of Economic Research , no. English View all editions and formats Summary: Casino gambling is a hugely popular activity around the world, but there are still very few models of why people go to casinos or of how they behave when they get there.
In this paper, we show that prospect theory can offer a surprisingly rich theory of gambling, one that captures many features of actual gambling behavior.
First, we demonstrate that, for a wide range of parameter values, a prospect theory agent would be willing to gamble in a casino, even if the casino only offers bets with zero or negative expected value.
Second, we show that prospect theory predicts a plausible time inconsistency: The model therefore predicts heterogeneity in gambling behavior: Allow this favorite library to be seen by others Keep this favorite library private.
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A Model Of Casino Gambling Video
GAMBLING IN ATLANTIC CITY🎲 !!!🎰 - WE ALMOST GOT KICKED OUT OF THE CASINO & FOOD @ JOHNNY ROCKETS🚀From This Paper Figures, tables, and topics from this paper. Citations Publications citing this paper. Showing of 23 extracted citations.
Optimal exit time from casino gambling: Works Title Until the bitter end: On prospect theory in a dynamic context Sebastian Ebert , Philipp Strack.
A Matter of Preference? Semantic Scholar estimates that this publication has 91 citations based on the available data.
See our FAQ for additional information. References Publications referenced by this paper. You already recently rated this item.
Your rating has been recorded. Write a review Rate this item: Preview this item Preview this item. A model of casino gambling Author: Working paper series National Bureau of Economic Research , no.
English View all editions and formats Summary: Casino gambling is a hugely popular activity around the world, but there are still very few models of why people go to casinos or of how they behave when they get there.
In this paper, we show that prospect theory can offer a surprisingly rich theory of gambling, one that captures many features of actual gambling behavior.
First, we demonstrate that, for a wide range of parameter values, a prospect theory agent would be willing to gamble in a casino, even if the casino only offers bets with zero or negative expected value.
Second, we show that prospect theory predicts a plausible time inconsistency: The model therefore predicts heterogeneity in gambling behavior: Allow this favorite library to be seen by others Keep this favorite library private.
Find a copy in the library Finding libraries that hold this item Document, Internet resource Document Type: Find more information about: Reviews User-contributed reviews Add a review and share your thoughts with other readers.
Add a review and share your thoughts with other readers. Similar Items Related Subjects: Casinos -- Econometric models.
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The Australian Business Review. If you are a man then disco casino are not allowed to wear blue jeans inside the facilities. The lottery companies from the 16 federal states of Germany that have joined basketball bamberg münchen to form the Deutscher Lotto- und Totoblock consider betting on lottery results offered by providers such as Lottoland or Tipp24 to be a violation of the German Inter-State Gambling Treaty Glücksspielstaatsvertrag. Retrieved 5 July Automatenspiel Wandsbek Wandsbeker Marktstr. Privater Anbieter attackiert das Lotto-Monopol.
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