People have been gambling, in one form or another, for as long as history itself. Why? Money, entertainment, escape and a desire to win are all traditional explanations. Arguably, however, these are secondary considerations to a higher order purpose: a craving for control. Gambling offers a means of gaining authority over the unknown,...
People have been gambling, in one form or another, for as long as history itself. Why? Money, entertainment, escape and a desire to win are all traditional explanations. Arguably, however, these are secondary considerations to a higher order purpose: a craving for control. Gambling offers a means of gaining authority over the unknown, granting us a sense of control over uncertainty. Almost always that sense is illusory - gambling, including betting and investing, is essentially random - yet for many it is nonetheless profoundly rewarding. This book attempts to explore the reasons why. Along the way, it examines: the science of probability and uncertainty; why gambling is often condemned; the difference between expectation and utility; the irrationality of human beings; evolutionary perspectives on gambling; luck and skill; market efficiency and the wisdom of crowds; why winners take all; cheating; why the process matters more than the outcome.
