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A World of chance: betting on religion, games, Wall Street

Author: Brenner, Reuven ; Brenner, Gabrielle A. ; Brown, AaronPublisher: Cambridge University Press (CUP) 2008.Language: EnglishDescription: 339 p. : Ill. ; 23 cm.ISBN: 9780521711579Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HB615 .B74 2008
(Browse shelf)
Available 001244069
Total holds: 0

Includes bibliographical references and index


A World of Chance Betting on Religion, Games, Wall Street Contents Preface Acknowledgments page xiii xvii 1 From Religion to Risk Management: What to Do When Facing Uncertainty? Reuven Brenner and Gabrielle A. Brenner Which shows how societies dealt with uncertainty and risk when their population was small and immobile, and when it grew; why traditions and customs can be wisdom, but often become wrong when circumstances change. 1 Origins of Lasting Prejudice Volatile Beliefs From Religion to Risk, from Lots to Betting Chance and Providence: Upstairs, Downstairs Conclusion 2 Anything Wrong with Gambling as a Pastime? Reuven Brenner and Gabrielle A. Brenner Which shows how false ideas about risk, gambling, and pastimes gain currency. 3 5 6 13 15 17 What Did Gambling Have to Do with Military Readiness? Prohibitions on New Ways of Having Fun English Prohibitions on Poor People's Pastimes If Not Cockfights, How About a Drink? Secular Theories Condemning Gambling 18 20 21 24 26 If There Are No Circuses for the Masses, How to Calm Them Down? How Did the United States Come to Prohibit Drinking? The 1906 Act and Since: Familiar Patterns The Change in English Attitudes and Laws Law and Gambling in the New World Conclusion 3 Are You Rich? Risk-Taking and Gambling, or the Leapfrogging Instinct Reuven Brenner and Gabrielle A. Brenner 28 29 31 32 33 35 38 Which shows that some forms of gambling are entertainment and other forms offer the only chance for a good life for those who fall on hard times or reach the age of fifty and have not "made it." If You Are Not Rich, What Do You Do? Facts The Attraction of Big Prizes The Poor and Those Falling Behind Reversal of Fortune Statistical Analysis: Correcting Its Pitfalls Are Gamblers Reckless or Criminals? What Do Winners Do with the Money? Compulsive Gamblers: An Aside Conclusion 4 Betting on Futures and Creating Prices Reuven Brenner 40 44 44 45 49 52 54 59 62 66 67 Which shows how conventional wisdom about futures markets was often wrong, and the relationship between these markets and gambling and insurance. False Ideas: Bad Laws, Bad Policies Back to Basics The Tulipmania That Never Was: Part 1 More on Insurance and Gambling Legal Confusions and Political Debates: Property Rights and Prices Stabilizing and Destabilizing Speculations Telecommunications and Speculation; or, How to Outlaw the Competition Gamblers and Speculators: More Confusions 68 70 74 76 77 81 84 86 5 Gambling as Banking: Poker, Junk Bonds, and Central Banks Reuven Brenner and Aaron Brown Which shows how gambling was banking, and how it is linked to the development of clearinghouses, central banking, and creating wealth in a country. 90 Gambling Is Not a Zero-Sum game Preventing Financial Intermediation by Law: Protecting Noblemen The Volatile Road to Democratized Capital Volatile Ranks and Taking Chances When the Rich and Poor Intermingle, Lessons for the John Laws The Tulipmania That Never Was: Part 2 Gambling in Venice Banking on Gamblers From Poker Banks to Clearinghouses Poker Banks and Junk Bonds From Banking on Gambling to Gambling on Central Banking 6 Lottery Is a Taxation, and Heav'n Be Prais'd, It Is Easily Rais'd Reuven Brenner and Gabrielle A. Brenner Which shows how gambling has been part of public finance, how lottery finance led to investment banks, how lottery bonds have been a major savings vehicle for the past few decades, and how lotteries financed major western museums, universities, monuments, and wars. 91 98 100 101 102 105 108 111 116 118 121 124 Lotteries and Public Finance Lottery Finance by English Governments Lottery Finance in the New World: Origins of Investment Banking From Lotteries to Banking Toward Prohibition Lotteries as Public Finance in Canada The Rebirth of Lotteries If Not Lotteries, Then Sweepstakes Gambling Today in America 131 133 138 140 141 142 143 145 147 7 Politics and Prohibitions; or, What's a Good Tax Anyway? Reuven Brenner Which shows why prohibitions on gambling have been wrongheaded, often serving narrow political interests, their effect at all times in all countries having been the creation of extensive black markets rather than withdrawal from betting. 150 Lotteries as a Regressive Tax: An Irrelevant Argument Theories of Taxation without Foundations How Do Governments Spend the Money? Gamblers at Opera's Gates Legalizing Gambling to Bring Prosperity What Is a Good Tax; or, Who Guards the Guardians? Impacts of Prohibition Prohibitions in the United States and Elsewhere Other Impacts of Prohibition in the United States Taxing Foreigners Prohibitions in the United Kingdom and the United States Why Do American Sports Leagues Oppose Sports Betting and Online Gambling? Sports Betting Update: The Donaghy File (by Aaron Brown) Online Gambling Problems and Solutions 8 How Gamblers and Risk-Takers Correct the Future Reuven Brenner and Gabrielle A. Brenner Which shows that the story in this book is a history of humankind, told from the perspective of gamblers, risk-takers, and those who finance them; it tells the story of people who leap into the unknown, hoping to leapfrog their fellows. 151 153 155 157 161 166 168 169 172 173 175 179 182 186 189 194 Betting on Ideas, and Matters of Trial and Error How Did Some Societies Come to Tolerate Risk-Takers and Gamblers? Capital Markets and Models of Society Natural Resources Are No Mothers of Invention Creating Wealth and the Movement of the Vital Few Happiness and Luck 198 200 204 206 208 210 Appendix 1: Gambling and Risk-Taking: The Leapfrogging Instinct 213 Reuven Brenner Which shows how to translate the view about human nature underlying this book, the words "taking risks" and "leaping into uncertainty" into mathematics, and how this view differs from conventional ones; it also shows why the other views do not hold up to close scrutiny. Introduction Gambling and the Leapfrogging Instinct Why Do Lotteries Have Multiple Prizes? Insurance: Preventing the Falling Behind Stopping Rules: How Much to Gamble? How Much to Insure? Risk-Taking and Uncertainty: Leaping into the Unknown Doing Their Best: What "Maximization" Means Risk, Uncertainty, and Information Wealth, Risk, and Uncertainty Stability, Redistribution, and Progressive Taxation of Wealth Comparisons with Other Approaches Conclusion Appendix 2: Human Nature and the Civilizing Process Reuven Brenner Which briefly compares various views of human nature. 213 214 218 220 222 223 231 232 233 235 239 249 251 Bets on Ideas Creativity, Uncertainty, and Risk-Taking Appendix 3: A Statistical Profile of Gamblers Reuven Brenner, Gabrielle A. Brenner, and Claude Montmarquette Which shows statistical ways to test some of the views in the book, in attempts to falsify them. 251 253 257 Quebec Data Canadian Data How to Correct for Undeclared Lottery Expenditures Results Conclusion Notes Bibliography Name Index Subject Index 257 260 266 268 271 273 309 325 332

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