
A common premise of gambling problem prevention programs is that many people who run in to trouble because of their gambling simply don’t understand the odds of the game – they are not sufficiently well-educated to understand probability, or they have not learned that the odds favor the casinos to win in every game. This week and next week’s WAGERs review two articles challenging this commonly held premise and suggesting the opposite: those who are not given the exact odds of a game perform more cautiously (Hertwig, Barron, Weber, & Erev, 2004) and those who are better educated make riskier... Read more →