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Author: John A. Nyman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Although gambling is primarily an economic activity, no single theory of the demand for gambles has gained wide-spread acceptance among economists. This paper proposes a simple model of the demand for gambling that is based on the standard economic assumptions that (1) resources are scarce and (2) consumer's utility increases with income at a decreasing rate. This model has the advantages that (1) it is based solely on changes in income, (2) is potentially applicable to most consumers, (3) preserves the assumption of diminishing marginal utility of income, (4) is consistent with the insurance-buying gambler, and (5) has intuitive appeal.
Author: John A. Nyman
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Although gambling is primarily an economic activity, no single theory of the demand for gambles has gained wide-spread acceptance among economists. This paper proposes a simple model of the demand for gambling that is based on the standard economic assumptions that (1) resources are scarce and (2) consumer's utility increases with income at a decreasing rate. This model has the advantages that (1) it is based solely on changes in income, (2) is potentially applicable to most consumers, (3) preserves the assumption of diminishing marginal utility of income, (4) is consistent with the insurance-buying gambler, and (5) has intuitive appeal.
Author: John A. Nyman
Publisher: Oxford University Press
ISBN: 019768792X
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
"This book holds that the demand for insurance is best understood, not by focusing on risk preferences, but by focusing on the additional income, the states of the world that trigger the income transfer from the insurer, and the value of income (and consumption) in those states. It is unlikely that demand can be understood if the analyst limits the gain from insurance to coverage of the uninsured loss alone. It is also unlikely that the demand can be understood if the analyst limits the analysis to a movement along a static "risk averse" utility or value function, rather than acknowledging that a shift of this function, and thus in the utility or value of additional income, often coincides with the occurrence of the event that triggers the payout"--
Author: John A. Nyman
Publisher: Stanford University Press
ISBN: 9780804744881
Category : Health & Fitness
Languages : en
Pages : 228
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Book Description
Why do people buy health insurance? Conventional theory holds that people purchase insurance because they prefer the certainty of paying a small premium to the risk of getting sick and paying a large medical bill. This book presents a new theory of consumer demand for health insurance. It holds that people purchase insurance to obtain additional "income" when they become ill.
Author: Natasha Dow Schüll
Publisher: Princeton University Press
ISBN: 0691127557
Category : Computers
Languages : en
Pages : 457
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Book Description
machines stems from the consumer, the product, or the interplay between the two. --
Author: Patrick M. Emerson
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :
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Book Description
Author: National Research Council
Publisher: National Academies Press
ISBN: 0309065712
Category : Medical
Languages : en
Pages : 353
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Book Description
As states have moved from merely tolerating gambling to running their own games, as communities have increasingly turned to gambling for an economic boost, important questions arise. Has the new age of gambling increased the proportion of pathological or problem gamblers in the U.S. population? Where is the threshold between "social betting" and pathology? Is there a real threat to our families, communities, and the larger society? Pathological Gambling explores America's experience of gambling, examining: The diverse and frequently controversial issues surrounding the definition of pathological gambling. Its co-occurrence with disorders such as alcoholism, drug abuse, and depression. Its social characteristics and economic consequences, both good and bad, for communities. The role of video gaming, Internet gambling, and other technologies in the development of gambling problems. Treatment approaches and their effectiveness, from Gambler's Anonymous to cognitive therapy to pharmacology. This book provides the most up-to-date information available on the prevalence of pathological and problem gambling in the United States, including a look at populations that may have a particular vulnerability to gambling: women, adolescents, and minority populations. Its describes the effects of problem gambling on families, friendships, employment, finances, and propensity to crime. How do pathological gamblers perceive and misperceive randomness and chance? What are the causal pathways to pathological gambling? What do genetics, brain imaging, and other studies tell us about the biology of gambling? Is there a bit of sensation-seeking in all of us? Who needs treatment? What do we know about the effectiveness of different policies for dealing with pathological gambling? The book reviews the available facts and frames the intriguing questions yet to be answered. Pathological Gambling will be the odds-on favorite for anyone interested in gambling in America: policymakers, public officials, economics and social researchers, treatment professionals, and concerned gamblers and their families.
Author: David K. Levine
Publisher: Open Book Publishers
ISBN: 1906924929
Category : Business & Economics
Languages : en
Pages : 154
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Book Description
In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.
Author: Paul Milgrom
Publisher: Cambridge University Press
ISBN: 1139449168
Category : Business & Economics
Languages : en
Pages : 378
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Book Description
This book provides a comprehensive introduction to modern auction theory and its important new applications. It is written by a leading economic theorist whose suggestions guided the creation of the new spectrum auction designs. Aimed at graduate students and professionals in economics, the book gives the most up-to-date treatments of both traditional theories of 'optimal auctions' and newer theories of multi-unit auctions and package auctions, and shows by example how these theories are used. The analysis explores the limitations of prominent older designs, such as the Vickrey auction design, and evaluates the practical responses to those limitations. It explores the tension between the traditional theory of auctions with a fixed set of bidders, in which the seller seeks to squeeze as much revenue as possible from the fixed set, and the theory of auctions with endogenous entry, in which bidder profits must be respected to encourage participation.
Author: Paul W. Glimcher
Publisher: Academic Press
ISBN: 0123914698
Category : Psychology
Languages : en
Pages : 606
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Book Description
In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies—each written by leading experts—lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, "The Neural Mechanisms for Choice, integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. - Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics - Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers - Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field - Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference - Published in association with the Society for Neuroeconomics—www.neuroeconomics.org - Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts
Author: Paul Sabin
Publisher: Yale University Press
ISBN: 0300198884
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
