Economics Commons^™

Optimal Strategy For Gambling Pools, Aaron C. Brown

International Conference on Gambling & Risk Taking

In gambling pools, entrants submit predictions and the prizes are awarded to the prediction or predictions closest to actual outcomes. Some well-known examples are football pools (both the global and American game versions), toto, NCAA March Madness bracket pools and horse racing tournaments. For small pools with complete information about outcome probabilities, exact game theory optimal solutions are straightforward to compute. If there is also complete information about the number and strategy of other players, optimal exploitive strategies are even easier to derive. These problems have been treated in the literature.

This paper argues that the complete information approaches are …

Regulatory Barriers In The Field Of Gambling: How Much Virtuality Can A Bet Take?, Peter Naessens Mr.

International Conference on Gambling & Risk Taking

Bets are a special type of game of chance. In a certain sense, you could think of all games of chance as a bet (bet that the roulette ball comes to rest in number 7, betting on the correct result in the lottery etc.), but most countries have implemented a categorisation. A categorisation that is not only under pressure online, but just as much in the real world with the introduction of virtual bets.

In Belgium, virtual bets were accepted because bets are highly dependent on events, and players also like to make a bet when no events are taking …

Mandatory Pre-Commitment Loss Limits: Six Years’ Experience Shows It Works, Bjorn H. Hoffmann

International Conference on Gambling & Risk Taking

The Norwegian state owned company Norsk Tipping is a pioneer in the gambling indusrty with its secure player identification and mandatory registered play across all channels. Knowing who your player is and having a strong link between the player and his consumption of games across all channels (land based, EGM, web and mobile) is an important premise for having a credible responsible gaming platform.

Norsk Tipping introduced in 2009 EGM’s with both pre commitment tools and maximum loss limits. In 2014 we introduced our Internet casino with probably the best responsible gambling platform in the world, including mandatory loss limits. …

Monitoring Gambling Impacts In Massachusetts: Honing Strategies And Preventing Harm, Rachel A. Volberg, Amanda Houpt

International Conference on Gambling & Risk Taking

In November 2011, an Act Establishing Expanded Gaming in the Commonwealth of Massachusetts was signed into law (Chapter 194 of the Acts of 2011). This legislation permits casinos and slot parlors in Massachusetts under the regulatory auspices of the Massachusetts Gaming Commission (MGC). Section 71 of the Expanded Gaming Act requires the MGC to establish an annual research agenda to assist in understanding the effects of casino gambling in Massachusetts and in minimizing the negative impacts. Research activities launched thus far include a comprehensive study of the social and economic impacts of casino gambling in Massachusetts (SEIGMA), a cohort study …

Financial Development And Growth In India, Anek Grewal

Master's Theses

In this paper I look to analyze whether bank loans have the ability to promote productivity for firms and also whether banks are more effective relative to other sources of lending such as the government. Using a panel dataset of 26,000 firms over the time period 1997-2014 I carry out multiple two-time period lagged OLS regressions with proxy variables for firm productivity as well as some control variables to observe the differences for bank against non-bank loans. The results yielded illustrate that non-bank loans did not have a positive relationship and that perhaps there is some form of zombie lending …

Policy Analysis: Minimum Wage In The Portland Metropolitan Area, Aaron Kaufman

Hatfield Graduate Journal of Public Affairs

Oregon’s current minimum wage of $9.25 per hour is unsustainable as it does not provide adequate nutritional resources or housing for full time employees. Additionally, employers of minimum wage workers often rely on social safety net benefits for their workers which effectively subsidize wages. This creates an unnecessary burden on the taxpayer. Oregon Senate Bill 1532 increases the minimum wage incrementally within Portland’s Metropolitan Area to $14.75 in 2022. This wage provides full time minimum wage workers enough income for adequate nutrition and reasonable housing while reducing reliance on social safety net programs.

Book Review: Aleman, Richard (Ed). The Hound Of Distributism: A Solution For Our Social And Economic Crisis, Anthony Philip Stine

Hatfield Graduate Journal of Public Affairs

Aleman and the collected authors provide a starting point for investigating modern Distributist writings. Distributism is a 'third way' private property-based economic system focused on decentralization of power, a focus on family life and reconceptualizing our relationships between individuals, families, the state and large economic actors. Essays range from the topics of totalitarianism and big government to pastoralism and permaculture. Contributing authors include classic Distributists like GK Chesterton and modern writers such as Joseph Pearce, Dale Ahlquist, Philip Maxence and Ryan Grant. The selected authors present a snapshot of a theory that presents a means towards achieving sustainability through decentralization …

Aspirational Planning: A Statistical Model Of Hawthorne Bridge And Tilikum Crossing Bicycle Ride Counts, Robert Mccullough, Ramon Cabauatan, Jacob Gellman

Hatfield Graduate Journal of Public Affairs

Portland city planners have routinely planned for an increase in bicycle commutership and a decrease in automobile commutership. This paper discusses the latest data on Portland car and bicycle use. Portland and Multnomah County are observing an increase in single occupancy vehicle commuters, car ownership, and gasoline consumption. Bicycle use in Portland is found to have followed a logistic curve pattern since the early 1990s. The authors present an ordinary least squares model to explain bicycle ridership on the Hawthorne Bridge and the recently constructed Tilikum Crossing. When controlling for other factors such as weather and daylight, the Tilikum Crossing …

"Gravity Models" Applied To Projections For New Casinos: Techniques And Results, Will E. Cummings

International Conference on Gambling & Risk Taking

All developers of new casinos prepare, or have prepared for them, projections for the likely gaming-revenue performance of those casinos; in many cases; regulatory authorities in North America also require or commission independent third-party assessments of such performance. These projections are very frequently based on "gravity models," applying techniques pioneered by Reilly and Huff to analyze other retail activities in relation to the geographic distribution of competitors and potential customers. In this paper, I review roughly 80 examples of such applications from recent casino-licensing procedures in the U.S., and compare their results.

A Behavioural Account Of Mobile Gambling, Richard James, Richard Tunney, Claire O'Malley

International Conference on Gambling & Risk Taking

Mobile gambling is an emerging market in which there is evidence that some gamblers are introduced to gambling through their mobile device, and that mobile gambling does not ‘cannibalise’ participation with other forms of gambling. There is a concern that mobile gamblers face distinct risks from other forms of gambling, particularly for harmful behaviours. This paper presentation outlines a behavioural account of mobile gambling that combines both the learned characteristics of problem gambling with how individuals interact with their mobile devices. This hypothesizes that the extended gaps between plays or sessions potentially attracts extended play, even in the face of …

Empirical Study Of Online Horse Race Bettors Betting Behavior In Finland, Tuomo Kainulainen

International Conference on Gambling & Risk Taking

This presentation produces an overview of online horse race bettors’ betting behavior in the Finnish betting market. The following studies have utilized individual-level online betting data LaPlante et al. (2006), LaBrie et al. (2007), LaBrie et al. (2008), LaPlante et al. (2009), Xuan & Shaffer (2009), Braveman & Shaffer (2010), Dragicevic et al. (2011), Fiedler (2013) and Gainsbury & Russell (2013). These studies focus on sports betting, poker and casino games. As an addition to the betting behavioural literature, this study focuses on horse race betting by utilizing betting data provided by Fintoto Ltd which has a legal monopoly for …

Ready, Set, And Go Back: The Role Of The Judiciary In Brazil’S Bingo Ban, Luiza Jobim Llm, Toni Williams

International Conference on Gambling & Risk Taking

Brazil, the host of the 2014 World Cup and the 2016 Olympics, is known for strong competitive traditions in sports and games. It is also one of only three G-20 countries (together with Saudi Arabia and Indonesia) that currently bans non-state provision of gambling products. Bingo was a notable exception to this prohibition, after enabling legislation was enacted in 1993, with the intention that proceeds would help fund national sports development. The game quickly became very popular but there were persistent questions about, and contestations over, the capacity of the regulatory framework to control the dual risks of exploitation of …

The Future Of Gambling Spaces: Esports And The World Of Competitive Video Gaming, Brett Abarbanel, Bryce Blum, Chris Grove, Carson Knuth, Seth Schorr, Rahul Sood

International Conference on Gambling & Risk Taking

eSports, or competitive video gaming, are a rapidly developing segment of sport and gaming. eSports are a unique cultural and economic phenomenon, and only recently is this nascent industry garnering substantial attention from gambling operators, regulators, and researchers. In 2015, an estimated quarter of a billion dollars will be wagered on eSports, a number projected to grow to $23 billion by 2020 (Eilers Research, 2015).

This panel presentation will provide a general overview of eSports, including some background on the industry, a description of the market and general business model, information about the gambling opportunities within eSports, sponsorship opportunities and …

Profiling At-Risk Gamblers, Tapio Jaakkola, Kari Vuorinen, Mirka Smolej

International Conference on Gambling & Risk Taking

The majority of gambling research has been concentrating on problem gambling and on the association between gambling behavior, game design and gambling harm. Much less attention has been directed at recreational gambling or on players that do not suffer from any gambling related problems. However, when it comes to preventing gambling harm we should also target those at risk as well those who are gambling moderately.

As a part of a project on prevention of adult gambling harm we did a study of at-risk gamblers in order to recognize and to define the socio-economic background of our target group. Prior …

Self-Correcting Kelly Strategies For Skeptical Traders, Aaron C. Brown

International Conference on Gambling & Risk Taking

The Kelly criterion gives the appropriate bet size in idealized situations with known parameters. In financial trading situations parameters are generally unknown and the mathematical assumptions underlying the Kelly proof are not met precisely. Moreover a risk manager typically must cooperate with a trader who may be skeptical about both the Kelly criterion specifically and the concept of mathematical optimization of bet size in general.

This presentation tackles the problem of designing a Kelly-based system for setting trade risk management parameters that is both self-correcting (the system delivers good results even if initial parameter are misestimated or parameters change) and …

Measuring Market Saturation In The U.S. Casino Industry: An Analytical And Empirical Analysis, Clyde W. Barrow, Alan P. Meister, David R. Borges

International Conference on Gambling & Risk Taking

The national and regional economies in the U.S. remain on a slow growth trajectory, while the casino gaming industry has seen a rapid and ongoing expansion. Consequently, states, Native American tribes, and gaming operators have increasingly shifted their attention from gaming expansion to the problems of regional competition, cannibalization, market maturation, and market saturation. The question of “market saturation” has become a salient point of public policy debate and a topic that is now frequently raised in the industry and media. This paper analyzes the concept of saturation in the context of casino gaming markets and compares several metrics for …

An Economist’S Argument Against Calling A Special Session, Louis D. Johnston

Economics Faculty Publications

No abstract provided.

Food Security, Climate Change, And Poverty Reduction In Rural Nepal, Wenmei Guo

Economics ETDs

Smallholder famers in the developing countries, especially those who mainly depend on rain-fed agriculture, are vulnerable and sensitive to climate change because such agricultural cultivators largely depend on traditional farming techniques, and are less capable of coping with climate change (Krishnamurthy et al., 2013). Like many other developing countries, agricultural production in Nepal is largely dependent on rainfall, which causes high sensitivity to climate change for household food security. This dissertation, which is composed of three main studies, examines how serious climate change affects household food security, as well as the potential strategies households could adopt to cope with food …

Gambling Problems In The General Danish Population: Survey Evidence, Morten Lau, Don Ross

International Conference on Gambling & Risk Taking

We develop surveys of gambling problems in the general Danish population. We compare several popular survey instruments of gambling behavior and gambling propensity to assess if they differ in their classification of individuals. We also examine correlations with standard survey instruments for alcohol use, anxiety, depression and impulsiveness. A feature of our design is that nobody was excluded on the basis of their response to a “trigger,” “gateway” or “diagnostic item” question about previous gambling history, allowing us to check for sample selection bias. Our sample consists of 8,405 adult Danes, which is 12.8% of the sample frame of 65,592 …

Gamblerization Of Post-Communist Society In Central Europe, Zdeněk Szczyrba, David Fiedor, Irena Smolová

International Conference on Gambling & Risk Taking

Countries of Central European region (Czech Republic, Slovakia, Poland and Hungary) joined a new stage of their development after 1989. In these countries, there was a building process of capitalism which went in parallel with far-reaching structural economic and social changes; such as the privatization of economies, de-industrialization but also gamblerization of society. Clarifying this term, gamblerization, it could be described as the process of a continuous penetration of gaming facilities in the area accompanied by an increased availability and accessibility of gaming machines in the society. It is important to say that this process was particularly allowed owing to …

Women In The Gaming Industry: A Research Summary, Toni Repetti

International Conference on Gambling & Risk Taking

No abstract provided.

The Challenges And Opportunities In Macau Casino Gaming Industry, Peter Tcheong, Matthew Tingchi Liu, Edmund Hoingan Loi

International Conference on Gambling & Risk Taking

This paper briefly reviews the success in last decade and analyzes the challenges in Macau casino gaming industry. Macroeconomic and political factors in China are the principal direct cause of Macau’s gaming revenue decline in 2014, implicating the vulnerability and unsustainability associated with the VIP business model of casino gaming industry. Although Macau continues to face challenges since late 2014, the prospect of Macau gambling industry is still optimistic in the long term, as there are emerging positive catalysts which will boost demand. From casino operators’ perspective, they should continue to try to increase revenue from mass market and non-gaming …

Generational Differences In Gambling Behavior And Attitudes, Don Feeney, Todd Maki

International Conference on Gambling & Risk Taking

The five generations that make up the adult population of North America and Europe differ greatly in their gambling behavior and their beliefs and attitudes towards gambling. This presentation will discuss data that demonstrate the extent of these differences as well as the cultural background and formative experiences that led to them. It will conclude with a discussion of implications for the gambling industry, responsible gambling, public policy, and for those concerned with the prevention and treatment of gambling problems.

Complex Effects Of Value-Added Livestock Ventures, Matthew A. Diersen

Economics Commentator (1972- 2016)

Value-added agriculture ventures are generally touted as being positive for a region’s economy. A product formerly shipped elsewhere may now be processed or modified locally or regionally, providing additional employment and related economic activity. Ethanol production, for example, disrupts the pattern of sending corn out of a region, but usually occurs where corn production is already prevalent. Consider, instead, the implications of a new livestock production facility. In this article, observations are made at the state and county levels related to livestock ventures. Kingsbury County is examined for potential effects on the production agriculture (or farming) sector. A livestock venture …

Anti-Money Laundering Programs For Casinos - A Comparison Of Macao And Us Practices, Carlos Siu, Malcolm Greenlees

International Conference on Gambling & Risk Taking

Anti-Money Laundering Programs for Casinos: A Comparison of Macao and US Practice.

Recent world events have reemphasized the importance of controlling and reporting of terrorism financing – one of the major reasons for National and International Anti Money Laundering procedures since the early 1980’s.

Although initially focused on commercial banking operations, casinos have been brought under the scope of that legislation since 1990 – as “money service businesses.” The explosive growth of the Macao casino business on the world gaming since 1995 has led to implementation of new rules for the casinos operating in that jurisdiction.

The current research describes …

Responsible Gaming Certification Standards, Dietmar Hoscher

International Conference on Gambling & Risk Taking

The European Casino Association (ECA) is representing the licensed European Casino industry in Brussels. It represents some 900 casinos form 24 European countires which employ around 70.000 staff.

In 2013 the ECA launched a project among its members concerning Responsible Gaming. A Working Group headed by Prof. Hoscher a Board Mamber of Casinos Austria AG was formed. The members where Resposnible Gaming Experts fom the different companies and associations within the ECA network.

The working group established a Responsible Gaming Framework that represents a collection of measures to presevent gambling addictions and identify vulonerable persons. The collection of measures are …

Recession Effect On Consumer Spend Allocation And Integrated Resorts' Profits, Toni Repetti, Ashok Singh

International Conference on Gambling & Risk Taking

Consumers have many decisions to make when it comes to travel. The first decision is choosing to travel at all, followed by how much to spend. Next based on the consumer’s motivations and preferences, they determine how to allocate their travel spend across a variety of categories. This study evaluates how revenue generation in integrated resorts changed during recessions. This allocation change in revenue also affects profits and profit margins as each department has a different cost structure. This study will also evaluate how profit and profit margins in each department were affected due to the change in revenue allocation …

The Economics Of Lotto, Ian Walker, Robert E. Pryce, Rhys Wheeler, Nick Powdathvee

International Conference on Gambling & Risk Taking

No abstract provided.

A Valuation Analysis Of The Physical Oceanographic Real Time System (Ports), K. Eric Wolfe, David Macfarland

Journal of Ocean and Coastal Economics

This analysis estimates several economic benefits derived from national implementation of the National Oceanic and Atmospheric Administration’s Physical Oceanographic Real-Time System (PORTS®) at the 175 largest ports in the United States. Significant benefits were observed owing to: (1) lower commercial marine accident rates and resultant reductions in morbidity, mortality and property damage; (2) reduced pollution remediation costs; and, (3) increased productivity associated with operation of more fully loaded commercial vessels. Evidence also suggested additional benefits from heightened commercial and recreational fish catch and diminished recreational boating accidents. Annual gross benefits from 58 current PORTS® locations exceeded $217 million with an …

Creativity For Invention Insights: Corporate Strategies And Opportunities For Public Entrepreneurship, John T. Scott

Dartmouth Scholarship

This paper introduces and describes the invention-insight sample space and uses it to describe the creative process of discovering invention insights—the essential combinations of elements of knowledge to envision the basic working configurations of inventions, the working ideas for new technologies. Evidence about invention insights and about corporate strategies to promote them is viewed in the context of the paper’s description of the invention-insight discovery process. Then that description is used (1) to identify a novel new opportunity—initiation of policies to stimulate invention insights that directly combine unusually large numbers of knowledge elements—for public sector entrepreneurship to speed the pace …