Casino gambling pros and cons12/11/2023 ![]() Tangible costs are costs that can be valued in the marketplace. Generally speaking, when identifying the real costs, we can classify the costs and benefits on gambling into two categories- tangible and intangible. It can also produce a real deterioration in efficiency as productive resources are allocated according to sub-optimal, non-economic criteria. It can produce a redistribution of income, which is a pecuniary effect. ![]() For example, assume that gambling increases levels of corruption in the public and private sectors.Ĭorruption can have both pecuniary and real effects. Pecuniary costs represent costs borne by some members of the community but which are exactly matched by benefits received by others. Real costs represent a withdrawal of resources from other potential uses- they represent a subtraction from society’s total welfare. One distinction that must be made is between real and pecuniary costs. They might have made different decisions had the safety net not existed. The gamblers may have mad rational decisions in that they know that the community will provide a safety net. ![]()
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