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
