Cost and Economic Essay

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Problems in Quantifying the Social Costs and Benefits of Gambling Cost and Economic Analysis Jamaal Little Dr. Maribel N. Mojica-Howell This case study contained research done by economist, psychologist, etc. with all the research done, they all agreed one thing, hoe to quantify the cost and benefits of gambling. But the researchers do disagree because they all have different perspectives, and they all approach problems differently. The case study was prepared into four additional sections, sections 2, 3, 4, and 5. Section II talks about the different approaches to evaluating the costs and benefits of gambling. It also defines the possible benefits of adopting a “single methodology” for assessing the economic and social effects of legalized gambling. Section III, Walker observed some of the problems with cost benefit studies of gambling, with focuses on casinos. Section IV gave an analysis and critique of a casino gambling social cost study that described numerous possible issues with using cost benefit analyses. Section V addressed some the difficulties in quantifying the effects of gambling. There were three major perspectives represented at Whistler, the International Symposium where researchers discussed the appropriate way to identify and measure the socioeconomic effects of gambling. The perspectives are cost-of illness (COI), economic, and public health. Willing to pay and demographic are approaches connected with COI too. Cost of Illness is a mechanism for estimating the costs of problem gambling. This mechanism was previously used by the alcohol and drug abuse. The economic approach, as explained by Eadington (1999, 2003), Collins and Lapsley (2003), and Walker (2003a), shares much with COI studies. Indeed, many of the same “costs” appear in both perspectives. However, there are differences in what should be included as costs and how they

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