What Are The Social Costs of Gambling? - European Association for ...

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What Are The Social Costs of Gambling? - European Association for ...

Markandya and Pearce(1989), cont.• For a cost to be “private” the actor musthave full knowledge about the potentialcosts of consuming the good.• For smoking (the subject of their paper), itimplies that if the consumer is not “fullyinformed” about the harm of smoking, heunderestimates the harms and chooses tosmoke too much.• The result is a social cost, even if the cost isborne by the smoker himself.Walker, What Are the Social Costs? 8

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