The Magic Economics of Gambling

This video was made possible by Squarespace.Build your beautiful website for 10% off at squarespace.com/Wendover.According to conventional economic rules, casinos shouldn’t be able to exist.That’s because conventional economic rules assume humans are rational.Conventional economic rules would predict that, if someone offered you a deal whereyou gave them $100 and they gave you $94.80 back you wouldn’t take that deal but...