October 15, 2021
New publication in Journal of Economic Surveys
The typical gambler loses money and yet continues to gamble. Research in orthodox and behavioral economics, psychology, sociology, and medicine offers a wide range of possible explanations. In their new article “How Rational is Gambling?” (recently published in the Journal of Economic Surveys), Prof. Dr. Stefan Winter and Robin Stetzka have developed a structured overview of the possible explanations.
The evidence is organized according to the degree of rationality assumed and/or found in the studies. This approach makes it possible to integrate research findings from very different fields into a unified framework. Gambling patterns are so widely dispersed that there is no satisfactory one-size-fits-all explanation. The results suggest that the full spectrum from rationality to highly destructive irrationality can be found in the gambler population.
Click » here to download the open access article.