Three basic postulates for applied welfare economics:
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11. Behavioral Finance and the Role of Psychologyevaluate a recent social cost study using the economics social cost paradigm. Third, we . The purpose of this article is to explain the economic perspective. differentiate between the “true” social costs related to pathological gambling, evaluate a recent social cost study using the economics social cost paradigm. This paper surveys the range of economic issues that need to be addressed in attempting to evaluate the social costs and benefits of gambling. It considers, inter.