The Economics of Casino Gambling

Portada
Springer Science & Business Media, 30 de juny 2007 - 207 pàgines

Casino gambling has spread throughout the world, and continues to spread. As governments try to cope with fiscal pressures, legalized casinos offer a possible source of additional tax revenue. But casino gambling is often controversial, as some people have moral objections to gambling. In addition, a small percentage of the population may become pathological gamblers who may create significant social costs. On the benefits side, casinos are often purported to spur economic growth (increases in GDP), employment, and tax revenues. However, these benefits have been questioned. Does casino expansion simply "cannibalize" other industries, having no net effect? Or does casino gambling have significant positive economic impacts? The Economics of Casino Gambling is a comprehensive discussion of the social and economic costs and benefits of legalized gambling. It is the only comprehensive discussion of these issues available on the market.

 

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Continguts

Introduction
2
11 Outline of the book
3
Casino gambling and economic growth
5
22 Increased employment and wages
7
23 Capital inflow
8
24 Increased tax revenues
9
25 Import substitution
10
26 Increased trade
11
651 Wealth transfers
102
652 Bad debts
103
653 Bailout costs
104
654 Government welfare expenditures
105
655 Modeling transfers
106
656 Industry cannibalization
108
657 Money outflow
109
659 Theft
110

27 Increased transactions volume
12
28 Consumer surplus and variety benefits
14
29 Potential for immiserizing growth
15
210 Conclusion
16
Misconceptions about casinos and growth
19
32 Industry cannibalization
20
33 The factoryrestaurant dichotomy
23
34 The export base theory of growth
25
35 Money inflow mercantilism
28
36 Conclusion
32
Evidence on the growth effects of gambling
34
43 Nontechnical explanation of Granger causality
37
44 Granger causality with panel data
39
441 Synopsis of Grangers procedure
40
442 Modifying the procedure for panel data
42
Stage two
43
Stage three
44
45 Empirical results
45
451 Casino gambling
46
452 Greyhound racing
49
453 Lotteries
51
Isolated state lottery model
53
46 Summary and conclusion
55
462 Lotteries
56
Relationships among US gambling industries
59
52 Literature review
61
53 Data
64
532 Adjacentstate variables
68
533 Demographic variables
70
54 Model and results
71
541 Discussion of results
74
542 Effects of crossequation constraints
78
55 Policy issues
79
551 Tax revenue
81
56 Conclusion
82
The social costs of gambling
84
611 Chapter outline
87
62 The economic definition of social cost
88
63 Modeling social costs
89
631 The definition applied
90
632 Theft as an illustration of social cost
91
633 Externalities and social costs
93
634 Alleged social costs of gambling29
95
64 Legitimate social costs
97
642 Treatment costs
100
65 Items improperly defined as social costs
101
Miscellaneous social cost issues
113
72 Problems estimating social cost values
114
721 Counterfactual scenario
115
723 Pathological gambling and rational addiction
117
724 Surveys on gambling losses
119
73 Unidentified and unmeasured social costs
122
732 Lobbying
125
733 Summary of political costs
129
741 Cost of illness COI approach
130
742 Economic approach
131
744 Revisiting the definition of social cost
132
745 The Australian Productivity Commission report
133
75 Adopting a single social cost methodology
135
76 Conclusion
136
Problems in gambling research
138
82 Recognizing scopes of expertise
142
83 Calls for objectivity and transparency in research
144
84 General problems in the literature
145
842 Dismissing research without refutation
146
843 Ignoring published work
148
844 Failure to analyzecriticize work cited
151
851 Gambling as a wasteful activity
152
Why gambling is not a DUP activity
154
DUP and rent seeking
156
852 Casinos and crime
157
Grinols and Mustard 2006
158
Gazel Rickman and Thompson 2001
161
853 Grinols Gambling in America33
162
86 Conclusion
164
Conclusion
165
921 Benefits
166
922 Costs
167
923 General problems
168
94 Foundations of gambling policy
170
941 Are costbenefit analyses useful?
171
942 Property rights freedom of choice and government
172
943 Externalities revisited
173
Appendix Primer on microeconomics
175
A2 The indifference curve
179
A3 Allocative efficiency
181
A4 Supply demand and markets
183
A5 Producer and consumer surplus
185
A6 Summary
187
References
189
Index
204
Copyright

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