For a more detailed, historical consideration of expected value, with more complicated detailed, complex examples of how to calculate it, see the Casino Cognition Substack essay from January 2025 here. Expected value or EV is the average return one can expect to get from a repeated decision, such as from a gamble, if it is […]
First and third baseFirst and third baseFirst and third base refer to the first and last player to play to play their hands in the game of blackjack, respectively. The first... More refer to the first and last player to play to play their hands in the game of blackjackBlackjack, also referred to as 21, is a popular casino card game where players attempt to have a hand value closer to 21 than the... More, respectively. The first… More refer to the first and last player to play to play their hands in the game of blackjackBlackjack, also referred to as 21, is a popular
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FretsFrets are the metal partitions or dividers used on a roulette wheel to separate the numbered pockets. When the ball is spun around the rim... More are the metal partitions or dividers used on a rouletteRoulette is a popular casino table game originating from France. Players place bets on either a single number, various groupings of numbers, the colors red… More wheel to separate the numbered pockets. When the ball is spun around the rim of the wheel, it eventually
The gambling metaphorThe gambling metaphorThe gambling metaphor is the idea that life itself can be conceived of as a gamble. The metaphor has been central to the history of... More is the idea that life itself can be conceived of as a gamble. The metaphor has been central to the history of… More is the idea that life itself can be conceived of as a gamble. The metaphor has been central to the history of the study of judgment and
Soft handsSoft hands are hands that can take two distinct values because they contain an ace which can be treated as either one point or eleven… More are hands that can take two distinct values because they contain an ace which can be treated as either one point or eleven points. All other hands are
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The houseThe houseThe house is a colloquial term for the casino. The "house edge" is the casino's edge. "The house always wins" refers to the idea that... More is a colloquial term for the casino. The “house edge” is the casino’s edge. “The house always wins” refers to the idea that… More is a colloquial term for the casino. The “house edge” is the casino’s edgeIn gambling, one’s advantage (or disadvantageIn gambling, one's advantage (or disadvantage) refers to the percent of each bet a gambler (or the house) can expect to win (or lose) on... More) refers to the percent of each bet a gambler
Daniel KahnemanDaniel Kahneman and Amos Tversky are pioneering Israeli psychologists whose collaboration profoundly impacted the the science of judgment and decision making and behavioral economics. Their... More and Amos TverskyDaniel Kahneman and Amos Tversky are pioneering Israeli psychologists whose collaboration profoundly impacted the the science of judgment and decision makingThe term behavioral decision sciences refers to an interdisciplinary field that combines psychology, economics, statistics, computer science, and management science to understand how individuals, groups,... More and behavioral economics. Their… More are pioneering Israeli psychologists whose collaboration profoundly impacted the the science of judgment and decision makingThe term behavioral decision sciences refers to an interdisciplinary field
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The term “near miss” could be used in any domain where a particularly good (or bad) outcome has—or seems to have—almost occurred. Near misses are commonly pointed to in many casino games, but they are particularly relevant to slot machinesSlot machines, also known as a fruit machinesSlot machines, also known as a fruit machines (e.g., in the United Kingdom), pokies (e.g., in Australia), one-armed bandits, or simply slots, are games of... More (e.g., in the United Kingdom), pokies (e.g., in
Decision scientists often distinguish between normative and descriptive models of decision making, and less often add the additional distinction between normative and prescriptive modelsDecision scientists often distinguish between normative and descriptive models of decision making, and less often add the additional distinction between normative and prescriptive modelsDecision scientists often distinguish between normative and descriptive models of decision making, and less often add the additional distinction between normative and prescriptive models. Normative... More. Normative… More. Normative Models Normative models are models
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