Gambling In Economic

Gambling In Economic

Gambling, in economic theory, the action of individuals in a market situation in which the outcome depends on the actions of people_ demanders and suppliers with conflicting interests. The 'game', the form that gambling normally takes, has recently become a subject of economic study with the application of new mathematical techniques.

Games, Theory of, an attempt to explain the behaviour of individuals with varying preferences. The theory is used to formulate principles as a guide to intelligent action. Game-theory is one of the first examples of an elaborate mathematical development centred in the social sciences. The concepts are derived from non-physical problems, such as the behaviour of firms and individuals in given market situations. The theory draws on known mathematics and, when they cannot be used, creates new mathematical techniques.

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consumeraffairs.org.uk

Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

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