Saturday, December 27, 2014

What are the odds, mate?

Moral panic around gambling in Australia.

Left out of these discussions, whether of gambling, tobacco, alcohol, drugs, or prostitution, is always the benefit side of the cost-benefit calculation. Doing so is fairly straightforward within the framework of traditional consumer theory, but becomes very complicated indeed if you wander down the tangled pathways of behavioral economics.

Plus, I actually thought that gambling was more like five percent of Australian GDP rather than just 1.2 percent.

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