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Business profitability versus social profitability: evaluating industries with externalities, the case of casinos

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Author Info

  • Earl L. Grinols

    (Department of Economics, University of Illinois, USA)

  • David B. Mustard

    (Department of Economics, Terry College of Business, University of Georgia, USA)

Abstract

Casino gambling is a social issue, because in addition to the direct benefits to those who own and use casinos, positive and negative externalities are reaped and borne by those who do not gamble. To correctly assess the total economic impact of casinos, one must distinguish between business profitability and social profitability. This paper provides the most comprehensive framework for addressing the theoretical cost-benefit issues of casinos by grounding cost-benefit analysis on household utility. It also discusses the current state of knowledge about the estimates of both the positive and negative externalities generated by casinos. Lastly, it corrects many prevalent errors in the debate over the economics of casino gambling. Copyright © 2001 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/mde.1004
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Managerial and Decision Economics.

Volume (Year): 22 (2001)
Issue (Month): 1-3 ()
Pages: 143-162

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Handle: RePEc:wly:mgtdec:v:22:y:2001:i:1-3:p:143-162

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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/7976

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  1. Rachel A. Volberg & Dean R. Gerstein & Eugene M. Christiansen & John Baldridge, 2001. "Assessing self-reported expenditures on gambling," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 22(1-3), pages 77-96.
  2. Frank L. Quinn, 2001. "First do no harm: what could be done by casinos to limit pathological gambling," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 22(1-3), pages 133-142.
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Cited by:
  1. Moellman, Nicholas & Mitra, Aparna, 2013. "Indian gaming in Oklahoma: Implications for community welfare," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 45(C), pages 64-70.
  2. Leventis, Stergios & Hasan, Iftekhar & Dedoulis , Emmanouil, 2013. "The cost of sin: The effect of social norms on audit pricing," Research Discussion Papers 13/2013, Bank of Finland.

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