Research Paper No. 645

ADDICTION TO GAMBLING

by

Peter Bardsley

July 1998

Department of Economics. University of Melbourne. Parkville Victoria 3052 Australia

ABSTRACTS

Risk aversion and limited liability can result in a rational to gambling. An addictive episode may be triggered by a loss and it may be terminated by a win. The gambler rationality chases a target level of wealth, while being drawn ever more strongly into a gambler's ruin.
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