Abstract
Gambling is an ancient economic activity, but despite its universality and importance, no single explanation for the demand for gambles has gained ascendance among economists. This paper suggests that the demand for gambles is based on the ability to obtain "something for nothing." That is, the gain from gambling is not merely additional income, but additional income for which the gambler does not need to work. Thus, to fully understand gambling behavior, it must be placed in a labor supply context. The theory is tested empirically using the Survey of Gambling in the U.S. Support for the theory is found.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 2492-2504 |
| Number of pages | 13 |
| Journal | Journal of Socio-Economics |
| Volume | 37 |
| Issue number | 6 |
| DOIs | |
| State | Published - Dec 1 2008 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
-
SDG 8 Decent Work and Economic Growth
Keywords
- Demand for gambles
- Expected utility theory
- Gambling
- Insurance-buying gambler
Fingerprint
Dive into the research topics of 'Something for nothing: A model of gambling behavior'. Together they form a unique fingerprint.Cite this
- APA
- Standard
- Harvard
- Vancouver
- Author
- BIBTEX
- RIS