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A Theory Of Insurance And Gambling
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Book Synopsis A Theory of Insurance and Gambling by : John A. Nyman
Download or read book A Theory of Insurance and Gambling written by John A. Nyman and published by Oxford University Press. This book was released on 2024 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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"--
Book Synopsis Gambling and Speculation by : Reuven Brenner
Download or read book Gambling and Speculation written by Reuven Brenner and published by Cambridge University Press. This book was released on 1990-03-30 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gambling and Speculation takes the long, historic perspective of its controversial subject. The book offers not only a better understanding of the recent "gambling craze," but also a fundamental inquiry into human nature and the structure of societies. The Brenners argue that the negative image of gamblers and of speculators stems from prejudice, whose roots are in the distant, forgotten past. Legal scholars have frequently confused gambling with speculation and the anti-gambling laws were, at times, erroneously interpreted as implying the prohibitions of contracts in futures and insurance markets. One consequence of all this confusion was that during this century both in the United States and England, the legislation and law on betting and gambling became ambiguous. The authors touch on this issue and make policy recommendations: to abolish restrictions on the industry, diminish the states' role in selling lotteries, and, at the same time, make legal distinctions capable of helping the tiny percentage of players who might be "addicted." The Brenners' recommendations on gambling are based on their conclusion that gamblers are neither "mentally ill" nor "criminals" and that gambling does not lead its practitioners to poverty. Rather, it is the other way around: some of the poor and the frustrated gamble. Looking at gambling in this way leads to questions about the nature of society: What do the fortunate do for those who are not? What is society's obligation to people who fall behind in the game of life? Answers to these questions require a discussion on the principles of equality, capitalism, the role of religious influence on society, topics that the Brenners have discussed in their previous studies, and they do so here too, putting gambling within its proper, historical context.
Author :Brenner, Gabrielle A Publisher :[Montréal] : Centre de recherche et développement en économique, Université de Montréal ISBN 13 :9782893820187 Total Pages :133 pages Book Rating :4.8/5 (21 download)
Book Synopsis Gambling : Theories and Facts by : Brenner, Gabrielle A
Download or read book Gambling : Theories and Facts written by Brenner, Gabrielle A and published by [Montréal] : Centre de recherche et développement en économique, Université de Montréal. This book was released on 1989 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Insurance and Gambling in Allocating Risk Over Time by : Benjamin Eden
Download or read book The Role of Insurance and Gambling in Allocating Risk Over Time written by Benjamin Eden and published by . This book was released on 1976 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Economic Theory of Risk and Insurance by : Allan H. Willett
Download or read book The Economic Theory of Risk and Insurance written by Allan H. Willett and published by University of Pennsylvania Press. This book was released on 2016-11-11 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a volume in the Penn Press Anniversary Collection. To mark its 125th anniversary in 2015, the University of Pennsylvania Press rereleased more than 1,100 titles from Penn Press's distinguished backlist from 1899-1999 that had fallen out of print. Spanning an entire century, the Anniversary Collection offers peer-reviewed scholarship in a wide range of subject areas.
Book Synopsis Choice Theory: A Very Short Introduction by : Michael Allingham
Download or read book Choice Theory: A Very Short Introduction written by Michael Allingham and published by OUP Oxford. This book was released on 2002-08-22 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: We make choices all the time - about trivial matters, about how to spend our money, about how to spend our time, about what to do with our lives. And we are also constantly judging the decisions other people make as rational or irrational. But what kind of criteria are we applying when we say that a choice is rational? What guides our own choices, especially in cases where we don't have complete information about the outcomes? What strategies should be applied in making decisions which affect a lot of people, as in the case of government policy? This book explores what it means to be rational in all these contexts. It introduces ideas from economics, philosophy, and other areas, showing how the theory applies to decisions in everyday life, and to particular situations such as gambling and the allocation of resources. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.
Author :Brenner, Reuven Publisher :[Montréal] : Centre de recherche et développement en économique, Université de Montréal ISBN 13 :9782893820200 Total Pages :40 pages Book Rating :4.8/5 (22 download)
Book Synopsis Gambling, Speculation, Insurance : why They Were Confused and Condemned? by : Brenner, Reuven
Download or read book Gambling, Speculation, Insurance : why They Were Confused and Condemned? written by Brenner, Reuven and published by [Montréal] : Centre de recherche et développement en économique, Université de Montréal. This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Theory of Demand for Gambles by : John A. Nyman
Download or read book A Theory of Demand for Gambles written by John A. Nyman and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Betting on Lives by : Geoffrey Wilson Clark
Download or read book Betting on Lives written by Geoffrey Wilson Clark and published by Manchester University Press. This book was released on 1999 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: By examining the rise of life insurance institutions in 18th-century England, this book offers fresh insight into the history of a commercial society learning to apply speculative techniques to the management of risk.
Book Synopsis Prospect Theory by : Daniel Kahneman
Download or read book Prospect Theory written by Daniel Kahneman and published by . This book was released on 1979 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Sociology of Risk and Gambling Reader by : James F. Cosgrave
Download or read book The Sociology of Risk and Gambling Reader written by James F. Cosgrave and published by Taylor & Francis. This book was released on 2006 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2006. Routledge is an imprint of Taylor & Francis, an informa company.
Book Synopsis Fortune's Formula by : William Poundstone
Download or read book Fortune's Formula written by William Poundstone and published by Hill and Wang. This book was released on 2010-06-01 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1956, two Bell Labs scientists discovered the scientific formula for getting rich. One was mathematician Claude Shannon, neurotic father of our digital age, whose genius is ranked with Einstein's. The other was John L. Kelly Jr., a Texas-born, gun-toting physicist. Together they applied the science of information theory—the basis of computers and the Internet—to the problem of making as much money as possible, as fast as possible. Shannon and MIT mathematician Edward O. Thorp took the "Kelly formula" to Las Vegas. It worked. They realized that there was even more money to be made in the stock market. Thorp used the Kelly system with his phenomenally successful hedge fund, Princeton-Newport Partners. Shannon became a successful investor, too, topping even Warren Buffett's rate of return. Fortune's Formula traces how the Kelly formula sparked controversy even as it made fortunes at racetracks, casinos, and trading desks. It reveals the dark side of this alluring scheme, which is founded on exploiting an insider's edge. Shannon believed it was possible for a smart investor to beat the market—and William Poundstone's Fortune's Formula will convince you that he was right.
Book Synopsis The Unfinished Game by : Keith Devlin
Download or read book The Unfinished Game written by Keith Devlin and published by . This book was released on 2010-03-23 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Before the mid-seventeenth century, scholars generally agreed that it was impossible to predict something by calculating mathematical outcomes. One simply could not put a numerical value on the likelihood that a particular event would occur. Even the outcome of something as simple as a dice roll or the likelihood of showers instead of sunshine was thought to lie in the realm of pure, unknowable chance. The issue remained intractable until Blaise Pascal wrote to Pierre de Fermat in 1654, outlining a solution to the "unfinished game" problem: how do you divide the pot when players are forced to.
Book Synopsis The Theory of Demand for Health Insurance by : John A. Nyman
Download or read book The Theory of Demand for Health Insurance written by John A. Nyman and published by Stanford University Press. This book was released on 2003 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Theory of Gambling and Statistical Logic by : Richard A. Epstein
Download or read book The Theory of Gambling and Statistical Logic written by Richard A. Epstein and published by Gulf Professional Publishing. This book was released on 1995 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covering all aspects of gambling, The Theory of Gambling and Statistical Logic is mathematically sophisticated, but can be read for what it says about the games and strategies, skipping the technicalities. The material is fascinating and detailed, and the analysis is masterful.
Book Synopsis Moral Hazard in Health Insurance by : Amy Finkelstein
Download or read book Moral Hazard in Health Insurance written by Amy Finkelstein and published by Columbia University Press. This book was released on 2014-12-02 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing the challenge of covering heath care expenses—while minimizing economic risks. Moral hazard—the tendency to change behavior when the cost of that behavior will be borne by others—is a particularly tricky question when considering health care. Kenneth J. Arrow’s seminal 1963 paper on this topic (included in this volume) was one of the first to explore the implication of moral hazard for health care, and Amy Finkelstein—recognized as one of the world’s foremost experts on the topic—here examines this issue in the context of contemporary American health care policy. Drawing on research from both the original RAND Health Insurance Experiment and her own research, including a 2008 Health Insurance Experiment in Oregon, Finkelstein presents compelling evidence that health insurance does indeed affect medical spending and encourages policy solutions that acknowledge and account for this. The volume also features commentaries and insights from other renowned economists, including an introduction by Joseph P. Newhouse that provides context for the discussion, a commentary from Jonathan Gruber that considers provider-side moral hazard, and reflections from Joseph E. Stiglitz and Kenneth J. Arrow. “Reads like a fireside chat among a group of distinguished, articulate health economists.” —Choice
Book Synopsis Counseling Problem Gamblers by : Joseph W. Ciarrocchi
Download or read book Counseling Problem Gamblers written by Joseph W. Ciarrocchi and published by Elsevier. This book was released on 2001-10-05 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, legal wagering has expanded rapidly in North America. In 1998 alone, people lost 50 billion dollars in legal betting and it is estimated that illegal wagering is twice that amount. A recent government report, based on the broadest population survey, concludes that the lifetime and pathological gamblers in the U.S. range between 4 and 10 million persons and is growing. If we include the families affected by problem gambling then the potential impact is indeed prodigious. Virtually no community in the U.S. and Canada is left untouched by entertainment or problem gambling. Treating problem gambling has evolved from a small group of practitioners in the 1980's working in specialty impatient units into an international enterprise that affects the caseload of many mental health professionals. Owing to its quiet origins, problem gambling treatment strategies are not well known throughout the clinical community. Consequently the average clinician is him/herself "learning as they go." This approach does not benefit either client or therapist. As the book's first chapter makes clear, problem gambling differs significantly from substance abuse, its nearest clinical relative. Not attending to these differences leads to poor results and clinical failure. This book is the one essential tool needed by clinicians treating or likely to treat problem gambling. Written by a clinician with wide experience, it is intended for the general clinician treating or likely to treat problem gambling desiring a comprehensive, yet user-friendly guide. Assessment and treatment of problem gambling and those affected by it is discussed Includes diagnostic instruments developed by the author An integrative approach is taken with a special focus on cultural concerns and clinical applications for women and minorities Integration of spirituality in treatment is covered
