An excellent Panorama documentary last night on the demerit good that is gambling. Can be watched on iplayer here: http://www.bbc.co.uk/iplayer/episode/b01nm27r/Panorama_Gambling_Nation/
It offered some excellent insight into both the informational failures, addictive nature, myopia, incorrect valuations of MPB/MPC, as well as the negative externalities of gambling. It was also interesting to look at what government interventions exist in this market failure (the answer: not very many) - with only one NHS programme dedicated to it, with the main solution being a voluntary campaign by the free market firms themselves.
Head of Economics at Oundle School
(Head of Economics & Politics at Eton College elect)
Cambridge University sabbatical PartIIA Development Economics supervisor
Principal Examiner Pre-U Paper 3
Areas of interest: Chinese economy, behavioural economics.