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Full Description
There is growing interest among academics and policymakers in the economics of gambling, which has been stimulated by major regulatory and tax changes in the U.S., U.K. Continental Europe, Asia, Australia and elsewhere. Unfortunately, there is no comprehensive source of path-breaking research on this topic. To fill this gap, we commissioned chapters from leading economists on all aspects of gambling research. Topics covered include the optimal taxation structure for various forms of gambling, factors influencing the demand and supply of gambling services, forecasting of gambling trends, regulation of gambling, the efficiency of racetrack and sports betting markets, gambling prevalence and behavior, modeling the demand for gambling services, the economic impact of gambling, substitution and complementarities among different types of gambling activity, and the relationship between gambling and other sectors of the economy. These are all important issues, with significant global implications. Specifically, we divide the Handbook into sections on casinos, sports betting, horserace betting, betting strategy, motivation, behavior and decision-making in betting markets, prediction markets and political betting, and lotteries and gambling machines
Contents
Introduction ; SECTION I: CASINOS ; 1. The Employment Impact of Casino Gambling in the U.S., Gary Anders ; 2. The Economics of Casino Taxation, John E. Anderson ; 3. The Elasticity of Casino Gambling Mark W. Nichols and Mehmet Serkan Tosun ; 4. The Economics of Asian Casino Gaming and Gambling Ricardo Chi Sen Siu ; 5. How Does Implementation of a Smoking Ban Affect Gaming?, John C. Navin, Timothy S. Sullivan, and Warren D. Richards ; 6. Overview of the Economics and Social Impacts of Gambling in the United States, Douglas M. Walker ; SECTION II: SPORTS BETTING ; 7. The Economics of Online Sports Betting, George Diemer and Ryan M. Rodenberg ; 8. The Football Pools, David Forrest and Levi Perez ; 9. The Efficiency of Soccer Betting Markets, John Goddard ; 10. The Efficiency of Pelota Betting Markets, Loreto Llorente, Josemari Aizpurua, and Javier Puertolas ; 11. The Lure of the Pitcher: How the Baseball Betting Market is Influenced by Elite Starting Pitchers, Rodney J. Paul, Andrew P. Weinbach, and Brad R. Humphreys ; 12. Information Efficiency in High-Frequency Betting Markets, J. James Reade and John Goddard ; SECTION III: HORSERACE BETTING ; 13. On the Long-Run Sustainability of Tote Betting Markets, David Edelman ; 14. The Economics of Racetrack-Casino (Racino) Gambling, Richard Thalheimer ; 15. The Modern Racing Landscape and the Racetrack Wagering Market: Components of Demand, Subsidies, and Efficiency, Ramon P. DeGennaro and Ann B. Gillette ; 16. What Explains the Existence of an Exchange Overround?, David Marginson ; 17. Insider Trading in Betting Markets, Adi Schnytzer ; 18. Pricing Decisions and Insider Trading in Fixed-Odds Horse Betting Markets, Adi Schnytzer, Vasiliki Makropoulo, and Martien Lamers ; SECTION IV: BETTING STRATEGY ; 19. Betting on Simultaneous Events and Accumulator Gambles, Andrew Grant ; 20. A Primer on the Mathematics of Gambling, Robert C. Hannum ; 21. The Science and Economics of Poker, Robert C. Hannum ; 22. The Kelly Criterion with Games of Chance, Leonard C. Maclean and William T. Ziemba ; 23. Exploiting Expert Analysis? Evidence from Event Studies in an Information-Rich Market Environment, Michael A. Smith ; SECTION V: MOTIVATION, BEHAVIOR AND DECISION-MAKING IN BETTING MARKETS ; 24. Betting Motivation and Behavior, Alistair Bruce ; 25. Motivation in Betting Markets: Speculation, Calculus, or Fun?, Les Coleman ; 26. Evidence of Biased Decision-Making in Betting Markets, David McDonald, Ming-Chien Sung, and Johnnie Johnson ; 27. Behavioral Finance and Point-Spread Wagering Markets, Greg Durham ; SECTION VI: PREDICTION MARKETS AND POLITICAL BETTING ; 28. A Simple Automated Market Maker for Prediction Markets, David Johnstone ; 29. The Long History of Political Betting Markets: An International Perspective, Paul W. Rhode and Koleman Strumpf ; SECTION VII: LOTTERIES AND GAMBLING MACHINES ; 30. The Efficiency of Lottery Markets, David Forrest and O. David Gulley ; 31. The National Lottery, John Lepper and Stephen Creigh-Tyte ; 32. The Benefits and Costs of Slot Machine Gambling, Scott Farrow and Chava Carter ; 33. The Economics of Lotteries: A Survey of the Literature, Kent Grote and Victor A. Matheson ; 34. The Taxation of Gambling Machines: A Theoretical Perspective, Leighton Vaughan Williams and David Paton
