People have been gambling, in one form or another, for as long as history itself. Why? Money, entertainment, escape and a desire to win are all traditional explanations. Arguably, however, these are secondary considerations to a higher order purpose: a craving for control. Gambling offers a means of gaining authority over the unknown, granting us a sense of control over uncertainty. Almost always that sense is illusory - gambling, including betting and investing, is essentially random - yet for many it is nonetheless profoundly rewarding. This book attempts to explore the reasons why.Along the way, it examines:- The science of probability and uncertainty- Why gambling is often condemned- The difference between expectation and utility- The irrationality of human beings- Evolutionary perspectives on gambling- Luck and skill- Market efficiency and the wisdom of crowds- Why winners take all- Cheating- Why the process matters more than the outcome

By Joseph Buchdahl