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Operant Protocols for Assessing the Cost-benefit Analysis During Reinforced Decision Making by Rodents
Published on: September 10, 2018
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Impact studies, cost-benefit analysis and casinos
1Department of Economics (M/C 144), University of Illinois at Chicago, 601 South Morgan Street, Room 2103, 60607-7121, Chicago, IL.
Journal of Gambling Studies
|November 16, 2013
Summary
Standard casino impact analyses overlook labor costs, leading to inaccurate net benefit estimates. This study highlights that opportunity costs for casino workers can be substantial, reaching 45% of labor income in Chicago.
Area of Science:
- Economics
- Regional Economics
- Labor Economics
Background:
- Traditional casino impact analyses often simplify demand and supply dynamics.
- Existing studies inadequately address the opportunity cost of labor in economic impact assessments.
Purpose of the Study:
- To evaluate the net economic benefits of casino facilities by incorporating labor opportunity costs.
- To highlight the limitations of demand-side analysis in casino impact studies.
Main Methods:
- Economic modeling to assess demand-side displacement effects.
- Analysis of labor supply responses and opportunity costs.
Main Results:
- Casino impact analyses that ignore labor opportunity costs are fundamentally flawed.
- Opportunity costs for labor in the casino sector can be significant, estimated at 45% of labor income in the Chicago case study.
Conclusions:
- Accurate casino impact assessments must account for both demand displacement and labor supply opportunity costs.
- Ignoring the real opportunity costs of labor leads to an overestimation of a casino's net economic benefits.
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