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How rational is gambling?

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  • Robin Maximilian Stetzka
  • Stefan Winter

Abstract

The typical gambler loses money but continues to gamble nonetheless. Why? Research from orthodox and behavioral economics, psychology, sociology, and medicine has offered a wide range of possible explanations. This paper reviews these explanations. The evidence is organized according to the degree of rationality assumed and/or found in the studies. This approach allows research from highly distinctive fields to be integrated within a unified framework. Gambling patterns are so highly dispersed that no satisfying one‐fits‐all explanation is possible. The findings suggest that the whole spectrum from rationality to highly destructive irrationality can be found within the gambler population.

Suggested Citation

  • Robin Maximilian Stetzka & Stefan Winter, 2023. "How rational is gambling?," Journal of Economic Surveys, Wiley Blackwell, vol. 37(4), pages 1432-1488, September.
    • Handle: RePEc:bla:jecsur:v:37:y:2023:i:4:p:1432-1488
    DOI: 10.1111/joes.12473
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