Skip to content
Register Sign in Wishlist
Look Inside A World of Chance

A World of Chance
Betting on Religion, Games, Wall Street

£58.00

  • Date Published: November 2008
  • availability: Available
  • format: Hardback
  • isbn: 9780521884662

£ 58.00
Hardback

Add to cart Add to wishlist

Other available formats:
Paperback


Looking for an inspection copy?

This title is not currently available on inspection

Description
Product filter button
Description
Contents
Resources
Courses
About the Authors
  • Although financial markets often try to distance themselves from gambling, the two factors have far more in common than usually thought. When, historically, there were no financial institutions such as banks, lotteries constituted the ways by which expensive items were disposed of, and governments raised money quickly. Gambling tables fulfilled roles that venture capital and banking do today. 'Gamblers' created clearinghouses and sustained liquidity. When those gamblers bet on price distributions in futures markets, they were redefined as 'speculators'. Today they are called 'hedge fund managers' or 'bankers'. Though the names have changed, the actions undertaken have essentially stayed the same. This book shows how discussion on 'chance', 'risk', 'gambling', 'insurance', and 'speculation' illuminates where societies stood, where we are today, and where we may be heading.

    • Presents Brenner and co-authors' unique view of how gambling, investing, and financial markets have evolved (and partly stayed the same) over time
    • Also anticipates likely future conditions of investing societies
    • Writing is highly accessible, nearly all statistics in appendices
    Read more

    Reviews & endorsements

    'Did you know that the modern insurance industry is a direct outgrowth of gambling? Did you know that poker provided one of the most important sources of capital for penniless Western frontiersmen in the United States? Did you know that major opera houses of Europe began as gambling halls with the theaters attached (history, if not always the quality of music, repeats itself in Las Vegas)? Do you know the real reason the NFL resists the legalization of sports betting in America? For the fascinating answers and insights into the politics, the finance and the economics of that over-maligned pastime, gambling, and, yes, including the surprising role it has frequently played in finance – read A World of Chance. The odds are strong that you will love it.' Henry G. Manne, Dean Emeritus, George Mason Law School

    'No one since Joseph Schumpeter has done more than Reuven Brenner to put risk-taking and innovation at the center of economic theory.' Laury Minard, Forbes

    'A World of Chance undermines our usual view of 'economic man' and substitutes the angst-ridden, uncertain denizen of a world that offers no certainties and requires risk-taking as a matter of survival. … For providing a theoretical foundation for the counter-intuitive behavior of American taxpayers, the Brenners deserve the Nobel Prize in economics.' Asia Times

    See more reviews

    Customer reviews

    Not yet reviewed

    Be the first to review

    Review was not posted due to profanity

    ×

    , create a review

    (If you're not , sign out)

    Please enter the right captcha value
    Please enter a star rating.
    Your review must be a minimum of 12 words.

    How do you rate this item?

    ×

    Product details

    • Date Published: November 2008
    • format: Hardback
    • isbn: 9780521884662
    • length: 358 pages
    • dimensions: 229 x 157 x 23 mm
    • weight: 0.65kg
    • contains: 6 tables
    • availability: Available
  • Table of Contents

    1. From religion to risk management - what do you do when facing uncertainty?
    2. Anything wrong with gambling as a pastime?
    3. Are you rich? Risk-taking, gambling, and the leapfrogging instinct
    4. Betting on futures
    5. Gambling - as banking: poker, junk bonds and central banks
    6. 'Lottery is a taxation, and Heav'n be prais'd, it is easily rais'd'
    7. Politics and prohibitions, or, what's a good tax anyway?
    8. How gamblers and risk-takers correct the future
    Appendix 1. Gambling and risk-taking: the leapfrogging instinct
    Appendix 2. Human nature and the 'civilizing' process
    Appendix 3. A statistical profile of gamblers.

  • Authors

    Reuven Brenner, McGill University, Montréal
    Reuven Brenner holds the Repap Chair in the Desautels Faculty of Management at McGill University, Montreal, Canada, and is a partner in Match Strategic Partners. The author of seven other books, including Gambling and Speculation (Cambridge, 1990, with Gabrielle A. Brenner) and Rivalry: In Business, Science, Among Nations (Cambridge, 1987), he examines what makes societies and firms leapfrog over others or fall behind them. The Wall Street Journal, the Financial Times, the New York Times, the Boston Globe, the Times of London, Asia Times, and Smart Money have reviewed his books. He has also served as a consultant to companies such as the Bank of America, Bell Canada, and Knowledge Universe, and he has worked with financial institutions throughout North America. Brenner has also been a frequent commentator in leading media around the world. Forbes Global's columnists have put two of Professor Brenner's titles on their list of recommended books for all time and profiled him in a cover story titled 'Leapfrogging'. He has served on the board of several companies, received a Fulbright Fellowship and the Killam Award, and is a Fellow of the Royal Society of Canada.

    Gabrielle A. Brenner, Ecole des Hautes Commerciales, Montréal
    Gabrielle A. Brenner is Associate Professor of Economics at the Ecole des Hautes Etudes Commerciales in Montreal, Canada. She holds a PhD in economics from the University of Chicago and has written about risk taking, entrepreneurship, and anti-trust. Professor Brenner worked at Lexecon and has also served as a consultant to the World Bank, UNIDO, and CIDA.

    Aaron Brown
    Aaron Brown is risk manager for AQR Capital Management in Greenwich, CT. He holds degrees in applied mathematics from Harvard University and finance from the University of Chicago. He has worked as a trader, portfolio manager, head of mortgage security, and risk manager for such Wall Street firms as Morgan Stanley and Citigroup; taught finance at Fordham and Yeshiva universities; and ran a public mutual fund. Mr Brown is the author of The Poker Face of Wall Street.

Sign In

Please sign in to access your account

Cancel

Not already registered? Create an account now. ×

Sorry, this resource is locked

Please register or sign in to request access. If you are having problems accessing these resources please email lecturers@cambridge.org

Register Sign in
Please note that this file is password protected. You will be asked to input your password on the next screen.

» Proceed

You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner www.ebooks.com. Please see the permission section of the www.ebooks.com catalogue page for details of the print & copy limits on our eBooks.

Continue ×

Continue ×

Continue ×

Find content that relates to you

Join us online

This site uses cookies to improve your experience. Read more Close

Are you sure you want to delete your account?

This cannot be undone.

Cancel

Thank you for your feedback which will help us improve our service.

If you requested a response, we will make sure to get back to you shortly.

×
Please fill in the required fields in your feedback submission.
×