\input zb-basic
\input zb-matheduc
\iteman{ZMATH 2015e.00817}
\itemau{Lane, Matt}
\itemti{Worth the risk? Modeling irrational gambling behavior.}
\itemso{Math. Enthus. 12, No. 1-3, 31-37 (2015).}
\itemab
Summary: In math class, expected value is often used when deciding whether or not a game is worth playing. A common refrain is that games with negative expected value should be avoided. However, nearly all games of chance have a negative expected value, and a simple expected value analysis fails to explain why these games are so popular. In this article, we consider three psychological factors leading to irrational gambling behavior -- the illusion of control, hypersensitivity to reward, and beginner's luck -- and explore how these factors affect an otherwise purely rational model of gambling behavior.
\itemrv{~}
\itemcc{K50 M40 K90}
\itemut{games of chance; mathematical models; expected values; psychology; stochastics; probability theory; statistics; risk; gambling; roulette; luck; utility; probability}
\itemli{http://www.math.umt.edu/tmme/vol12no1thru3/04\_Adams.pdf}
\end