Addiction to Gambling

Peter Bardsley

No 645, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: Risk aversion and limited liability can result in a rational to gambling. An addictive episode may be triggered by a loss and it may be terminated by a win. The gambler rationality chases a target level of wealth, while being drawn ever more strongly into a gambler's ruin.

Keywords: RISK; GAMBLING (search for similar items in EconPapers)
JEL-codes: D81 I39 K42 (search for similar items in EconPapers)
Pages: 9 pages
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:mlb:wpaper:645

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