Tata Institute of Fundamental Research
A Model of Casino Gambling Using Prospect Theory
STCS Seminar
Speaker:
Vineeth Chintala (School of Technology and Computer Science
Tata Institute of Fundamental Research
Homi Bhabha Road, Navy Nagar
Mumbai 400005)
Organiser:
Sandeep K Juneja
Date:
Tuesday, 20 Jun 2017, 14:30 to 15:30
Venue:
A-201 (STCS Seminar Room)
(Scan to add to calendar)
Abstract:
The first part of the talk will be an introduction to Kahneman and Tversky's seminal Prospect Theory, which is a descriptive theory of how people evaluate risk. We will then see a rich model of casino gambling, which captures some features of actual gambling behavior (Barberis 2012). We will analyze, in particular, time inconsistencies that are observed in casinos : a player might enter the casino with an exit strategy in mind; but once he starts playing, he wants to switch to a different strategy.
| Speaker: | Vineeth Chintala (School of Technology and Computer Science Tata Institute of Fundamental Research Homi Bhabha Road, Navy Nagar Mumbai 400005) |
| Organiser: | Sandeep K Juneja |
| Date: | Tuesday, 20 Jun 2017, 14:30 to 15:30 |
| Venue: | A-201 (STCS Seminar Room) |
(Scan to add to calendar)
Abstract:
The first part of the talk will be an introduction to Kahneman and Tversky's seminal Prospect Theory, which is a descriptive theory of how people evaluate risk. We will then see a rich model of casino gambling, which captures some features of actual gambling behavior (Barberis 2012). We will analyze, in particular, time inconsistencies that are observed in casinos : a player might enter the casino with an exit strategy in mind; but once he starts playing, he wants to switch to a different strategy.