As bettors become more sophisticated, there is an increasing focus on bankroll risk management or how much to bet on certain opportunities. Bettors often face situations where multiple games are played simultaneously. Thus, the problem of allocating capital across different games or events must be considered, much the same as an investor allocating capital to different stocks in a portfolio. In this chapter, the use of accumulator bets (parlays) as part of a portfolio betting strategy is explored.
This chapter analyzes the evolution and effects of central bank crisis management since the mid-1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed, asymmetric monetary policy crisis management implies a convergence of interest rates toward zero and a gradual expansion of central bank balance sheets. From a Wicksell-Hayek-Mises perspective, asymmetric central bank crisis management has contributed to financial market bubbles, decreasing marginal efficiency of investment, increasing income inequality, and declining growth dynamics. The economic policy implication is a slow but decisive exit from ultra-expansionary monetary policies.
Laurence R. Iannaccone and Feler Bose
Of all the things that sustain formal religious institutions, none is more essential than material support. Without adequate income, congregations fold, denominations fail, and the faithful flock to greener pastures. Nor is any facet of religious commitment more concrete and quantifiable. Faced with skepticism about the accuracy and consistency of attendance and membership rates reported by individuals or institutions, the obvious alternative is to follow the money. Strange as it may seem, the economics of religion has yet to pay much attention to financial matters. The basic argument of this article, which suggests some first steps toward a general theory of religious finance, rests on a series of observations concerning the impact of government, production, religious beliefs, and religious competition. The article also applies the outlined principles across many different times, places, and traditions, including modern Europe, nineteenth-century Christian America, American Judaism, Buddhism, paganism, and Hinduism.
Robert C. Hannum
Although poker has roots in card games played in Europe and the Middle East as far back as the fifteenth century, the modern game of poker originated in the early nineteenth century in the gambling saloons of New Orleans. It has long been the most popular card game among Americans. It has recently reached unprecedented popularity due to a variety of factors, including television and Internet exposure. Poker is somewhat unique among gambling activities due to the fact that it is not house banked and because of the considerable elements of skill required, which are not present in other casino-style and lottery-type games. This chapter explores the science and economics of poker.