> Some people have constrained the definition of "gambling" such that it only contains things they view as bad
If there is some internally consistent definition that excludes all the “good” stuff without excluding it specifically for being good, no one has shared that so far as I’ve seen.
The arguments about insurance so far have been “but it’s a good thing” and “you aren’t happy when your insurance pays out”. The former is exactly gambling==bad and the latter is just wrong. I could bet that a politician I despise will win and I won’t necessarily be happy that I won. I’ll be more happy that I got a payout than not, exactly the same as insurance. That’s what a hedge is.
> Some people have constrained the definition of "gambling" such that it only contains things they view as bad
If there is some internally consistent definition that excludes all the “good” stuff without excluding it specifically for being good, no one has shared that so far as I’ve seen.
The arguments about insurance so far have been “but it’s a good thing” and “you aren’t happy when your insurance pays out”. The former is exactly gambling==bad and the latter is just wrong. I could bet that a politician I despise will win and I won’t necessarily be happy that I won. I’ll be more happy that I got a payout than not, exactly the same as insurance. That’s what a hedge is.