×

Uh-oh, it looks like your Internet Explorer is out of date.

For a better shopping experience, please upgrade now.

A World of Chance: Betting on Religion, Games, Wall Street / Edition 2
     

A World of Chance: Betting on Religion, Games, Wall Street / Edition 2

by Reuven Brenner
 

See All Formats & Editions

ISBN-10: 0521711576

ISBN-13: 9780521711579

Pub. Date: 08/04/2008

Publisher: Cambridge University Press


About the Author:
Reuven Brenner holds the Repap Chair in the Desautels Faculty of Management at McGill University in Montreal, Canada, and is a partner at Match Strategic Partners

About the Author:
Gabrielle A. Brenner is associate professor of economics at the Ecole des Hautes Etudes Commerciales in Montreal, Canada

About

Overview


About the Author:
Reuven Brenner holds the Repap Chair in the Desautels Faculty of Management at McGill University in Montreal, Canada, and is a partner at Match Strategic Partners

About the Author:
Gabrielle A. Brenner is associate professor of economics at the Ecole des Hautes Etudes Commerciales in Montreal, Canada

About the Author:
Aaron Brown is risk manager for AQR Capital Management in Greenwich, Connecticut

Product Details

ISBN-13:
9780521711579
Publisher:
Cambridge University Press
Publication date:
08/04/2008
Pages:
352
Product dimensions:
6.20(w) x 8.90(h) x 0.90(d)

Table of Contents


Preface     xiii
Acknowledgments     xvii
From Religion to Risk Management: What to Do When Facing Uncertainty?   Reuven Brenner   Gabrielle A. Brenner     1
Origins of Lasting Prejudice     3
Volatile Beliefs     5
From Religion to Risk, from Lots to Betting     6
Chance and Providence: Upstairs, Downstairs     13
Conclusion     15
Anything Wrong with Gambling as a Pastime?   Reuven Brenner   Gabrielle A. Brenner     17
What Did Gambling Have to Do with Military Readiness?     18
Prohibitions on New Ways of Having Fun     20
English Prohibitions on Poor People's Pastimes     21
If Not Cockfights, How About a Drink?     24
Secular Theories Condemning Gambling     26
If There Are No Circuses for the Masses, How to Calm Them Down?     28
How Did the United States Come to Prohibit Drinking?     29
The 1906 Act and Since: Familiar Patterns     31
The Change in English Attitudes and Laws     32
Law and Gambling in the New World     33
Conclusion     35
Are You Rich? Risk-Taking and Gambling, or the Leapfrogging Instinct   Reuven Brenner   Gabrielle A.Brenner     38
If You Are Not Rich, What Do You Do?     40
Facts     44
The Attraction of Big Prizes     44
The Poor and Those Falling Behind     45
Reversal of Fortune     49
Statistical Analysis: Correcting Its Pitfalls     52
Are Gamblers Reckless or Criminals?     54
What Do Winners Do with the Money?     59
Compulsive Gamblers: An Aside     62
Conclusion     66
Betting on Futures and Creating Prices   Reuven Brenner     67
False Ideas: Bad Laws, Bad Policies     68
Back to Basics     70
The Tulipmania That Never Was: Part 1     74
More on Insurance and Gambling     76
Legal Confusions and Political Debates: Property Rights and Prices     77
Stabilizing and Destabilizing Speculations     81
Telecommunications and Speculation; or, How to Outlaw the Competition     84
Gamblers and Speculators: More Confusions     86
Gambling as Banking: Poker, Junk Bonds, and Central Banks   Reuven Brenner   Aaron Brown     90
Gambling Is Not a Zero-Sum game     91
Preventing Financial Intermediation by Law: Protecting Noblemen      98
The Volatile Road to Democratized Capital     100
Volatile Ranks and Taking Chances     101
When the Rich and Poor Intermingle, Lessons for the John Laws     102
The Tulipmania That Never Was: Part 2     105
Gambling in Venice     108
Banking on Gamblers     111
From Poker Banks to Clearinghouses     116
Poker Banks and Junk Bonds     118
From Banking on Gambling to Gambling on Central Banking     121
Lottery Is a Taxation, and Heav'n Be Prais'd, It is Easily Rais'd   Reuven Brenner   Gabrielle A. Brenner     124
Lotteries and Public Finance     131
Lottery Finance by English Governments     133
Lottery Finance in the New World: Origins of Investment Banking     138
From Lotteries to Banking     140
Toward Prohibition     141
Lotteries as Public Finance in Canada     142
The Rebirth of Lotteries     143
If Not Lotteries, Then Sweepstakes     145
Gambling Today in America     147
Politics and Prohibitions; or, What's a Good Tax Anyway?   Reuven Brenner     150
Lotteries as a Regressive Tax: An Irrelevant Argument     151
Theories of Taxation without Foundations      153
How Do Governments Spend the Money?     155
Gamblers at Opera's Gates     157
Legalizing Gambling to Bring Prosperity     161
What Is a Good Tax; or, Who Guards the Guardians?     166
Impacts of Prohibition     168
Prohibitions in the United States and Elsewhere     169
Other Impacts of Prohibition in the United States     172
Taxing Foreigners     173
Prohibitions in the United Kingdom and the United States     175
Why Do American Sports Leagues Oppose Sports Betting and Online Gambling?     179
Sports Betting Update: The Donaghy File (by Aaron Brown)     182
Online Gambling     186
Problems and Solutions     189
How Gamblers and Risk-Takers Correct the Future   Reuven Brenner   Gabrielle A. Brenner     194
Betting on Ideas, and Matters of Trial and Error     198
How Did Some Societies Come to Tolerate Risk-Takers and Gamblers?     200
Capital Markets and Models of Society     204
Natural Resources Are No Mothers of Invention     206
Creating Wealth and the Movement of the Vital Few     208
Happiness and Luck     210
Gambling and Risk-Taking: The Leapfrogging Instinct   Reuven Brenner     213
Introduction     213
Gambling and the Leapfrogging Instinct     214
Why Do Lotteries Have Multiple Prizes?     218
Insurance: Preventing the Falling Behind     220
Stopping Rules: How Much to Gamble? How Much to Insure?     222
Risk-Taking and Uncertainty: Leaping into the Unknown     223
Doing Their Best: What "Maximization" Means     231
Risk, Uncertainty, and Information     232
Wealth, Risk, and Uncertainty     233
Stability, Redistribution, and Progressive Taxation of Wealth     235
Comparisons with Other Approaches     239
Conclusion     249
Human Nature and the Civilizing Process   Reuven Brenner     251
Bets on Ideas     251
Creativity, Uncertainty, and Risk-Taking     253
A Statistical Profile of Gamblers   Reuven Brenner   Gabrielle A. Brenner   Claude Montmarquette     257
Quebec Data     257
Canadian Data     260
How to Correct for Undeclared Lottery Expenditures     266
Results     271
Conclusion     271
Notes     273
Bibliography     309
Name Index     325
Subject Index     332

Customer Reviews

Average Review:

Post to your social network

     

Most Helpful Customer Reviews

See all customer reviews