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Worth the risk? Modeling irrational gambling behavior. (English)
Math. Enthus. 12, No. 1-3, 31-37 (2015).
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.
Classification: K50 M40 K90
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