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Gambler's Conceit
Gambler’s conceit is the fallacy described by behavioral economist David J. Ewing, where a gambler believes they will be able to stop a risky behavior while still engaging in it. This belief frequently operates during games of chance, such as casino games. The gambler believes they will be a net winner at the game, and thus able to avoid going broke by exerting the self-control necessary to stop playing while still ahead in winnings. This is often expressed as “I’ll quit when I’m ahead.” Quitting while ahead is unlikely, though, since a gambler who is winning has little incentive to quit, and is instead encouraged to continue to gamble by their winning. Once in the throes of a winning streak, the individual may even become convinced that it is their skill, rather than chance, causing their winnings, or good luck is on their side, and thus it seems especially senseless to stop. The gambler's conceit frequently works in conjunction with the gambler's fallacy: the mistaken ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Casino
A casino is a facility for certain types of gambling. Casinos are often built near or combined with hotels, resorts, restaurants, retail shopping, cruise ships, and other tourist attractions. Some casinos are also known for hosting live entertainment, such as stand-up comedy, concerts, and sports. and usage ''Casino'' is of Italian origin; the root means a house. The term ''casino'' may mean a small country villa, summerhouse, or social club. During the 19th century, ''casino'' came to include other public buildings where pleasurable activities took place; such edifices were usually built on the grounds of a larger Italian villa or palazzo, and were used to host civic town functions, including dancing, gambling, music listening, and sports. Examples in Italy include Villa Farnese and Villa Giulia, and in the US the Newport Casino in Newport, Rhode Island. In modern-day Italian, a is a brothel (also called , literally "closed house"), a mess (confusing situation), or a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling
Gambling (also known as betting or gaming) is the wagering of something of Value (economics), value ("the stakes") on a Event (probability theory), random event with the intent of winning something else of value, where instances of strategy (game theory), strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; ''i.e.'', a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards, for example, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambler's Ruin
The gambler's ruin is a concept in statistics. It is most commonly expressed as follows: A gambler playing a game with negative expected value will eventually go broke, regardless of their betting system. The concept was initially stated: A persistent gambler who raises his or her bet to a fixed fraction of the gambler's bankroll after a win, but does not reduce it after a loss, will eventually and inevitably go broke, even if each bet has a positive expected value. Another statement of the concept is that a persistent gambler with finite wealth, playing a fair game (that is, each bet has expected value of zero to both sides) will eventually and inevitably go broke against an opponent with infinite wealth. Such a situation can be modeled by a random walk on the real number line. In that context, it is probable that the gambler will, with virtual certainty, return to his or her point of origin, which means going broke, and is ruined an infinite number of times if the random walk c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Advantage
Games available in most casinos are commonly called casino games. In a casino game, the players gamble cash or casino chips on various possible random outcomes or combinations of outcomes. Casino games are also available in online casinos, where permitted by law. Casino games can also be played outside casino for entertainment purposes like in parties or in school competitions, some on machines that simulate gambling. Categories There are three general categories of casino games: gaming machines, table games, and random number games. Gaming machines, such as slot machines and pachinko, are usually played by one player at a time and do not require the involvement of casino employees to play. Tables games, such as blackjack or craps, involve one or more players who are competing against the house (the casino itself) rather than each other. Table games are usually conducted by casino employees known as croupiers or dealers. Random number games are based upon the selection of ra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martin Scorsese
Martin Charles Scorsese ( , ; born November 17, 1942) is an American film director, producer, screenwriter and actor. Scorsese emerged as one of the major figures of the New Hollywood era. He is the recipient of many major accolades, including an Academy Award, a Grammy Award, three Emmy Awards, four British Academy Film Awards, two Directors Guild of America Awards, an AFI Life Achievement Award and the Kennedy Center Honor in 2007. Five of his films have been inducted into the National Film Registry by the Library of Congress as "culturally, historically or aesthetically significant". Scorsese received an MA from New York University's Steinhardt School of Culture, Education, and Human Development in 1968. His directorial debut, '' Who's That Knocking at My Door'' (1967), was accepted into the Chicago Film Festival. In the 1970s and 1980s decades, Scorsese's films, much influenced by his Italian-American background and upbringing in New York City, center on macho- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Casino (film)
''Casino'' is a 1995 American epic crime film directed by Martin Scorsese, produced by Barbara De Fina and distributed by Universal Pictures. It is based on the 1995 nonfiction book '' Casino: Love and Honor in Las Vegas'' by Nicholas Pileggi, who also co-wrote the screenplay along with Scorsese. It stars Robert De Niro, Sharon Stone, Joe Pesci, Don Rickles, Kevin Pollak, and James Woods. The film was the eighth collaboration between director Scorsese and De Niro. ''Casino'' follows Sam "Ace" Rothstein (De Niro), a Jewish American gambling expert handicapper who is asked by the Chicago Outfit to oversee the day-to-day casino and hotel operations at the Tangiers Casino in Las Vegas. Other major characters include Nicky Santoro (Pesci), a " made man" and friend of Sam, and Ginger McKenna (Stone), a streetwise chip hustler who Sam marries and has a daughter with. The film details Sam's operation of the casino, the difficulties he confronts in his job, the Mafia's in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert De Niro
Robert Anthony De Niro Jr. ( , ; born August 17, 1943) is an American actor. Known for his collaborations with Martin Scorsese, he is considered to be one of the best actors of his generation. De Niro is the recipient of various accolades, including two Academy Awards, a Golden Globe Award, the Cecil B. DeMille Award, and a Screen Actors Guild Life Achievement Award. In 2009, De Niro received the Kennedy Center Honor, and earned a Presidential Medal of Freedom from U.S. President Barack Obama in 2016. Born in Manhattan in New York City, De Niro studied acting at HB Studio, Stella Adler Conservatory, and Lee Strasberg's Actors Studio. His first major role was in ''Greetings'' (1968), and he gained early recognition with his role as a baseball player in the sports drama '' Bang the Drum Slowly'' (1973). De Niro's first collaboration with Scorsese was '' Mean Streets'' (1973), where he played small-time crook "Johnny Boy". Stardom followed with his role as young Vito C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Roller
A high roller, also referred to as a whale or cheetah, is a gambler who consistently wagers large amounts of money. High rollers often receive lavish " comps" from casinos to lure them onto the gambling floors, such as free private jet transfers, limousine use and use of the casinos' best suites. Casinos may also extend credit to a player to continue betting, offer rebates on betting turnover or losses, and salaries of employees may also contain incentive arrangements to bring in high rollers. The definition of a high roller varies. At Crown Casino in Australia, for example, it involves bringing between AUD$50,000 and $75,000 to the table. High roller players often have very high table limits allowing the high roller exclusive use. Casinos compete on bet limits. In Australia limits of AUD$300,000 are common, in Las Vegas they are between US$150,000 and $300,000, and in Macau they are up to US$500,000. Only richer casinos can accommodate high-stakes gambling due to the volatil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioral Economics
Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals or institutions, such as how those decisions vary from those implied by classical economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. The study of behavioral economics includes how market decisions are made and the mechanisms that drive public opinion. The concepts used in behavioral economics today can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Beh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inverse Gambler's Fallacy
The inverse gambler's fallacy, named by philosopher Ian Hacking, is a formal fallacy of Bayesian inference which is an inverse of the better known gambler's fallacy. It is the fallacy of concluding, on the basis of an unlikely outcome of a random process, that the process is likely to have occurred many times before. For example, if one observes a pair of fair dice being rolled and turning up double sixes, it is wrong to suppose that this lends any support to the hypothesis that the dice have been rolled many times before. We can see this from the Bayesian update rule: letting ''U'' denote the unlikely outcome of the random process and ''M'' the proposition that the process has occurred many times before, we have : P(M, U) = P(M) \frac and since ''P''(''U'', ''M'') = ''P''(''U'') (the outcome of the process is unaffected by previous occurrences), it follows that ''P''(''M'', ''U'') = ''P''(''M''); that is, our confidence in ''M'' should be unchanged when we learn ''U''. Real-w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling
Gambling (also known as betting or gaming) is the wagering of something of Value (economics), value ("the stakes") on a Event (probability theory), random event with the intent of winning something else of value, where instances of strategy (game theory), strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; ''i.e.'', a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards, for example, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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