External costs and benefits of gambling in consumption. In considering the economy as a whole, the impact on society also includes the impact on business.fortune bay casino poker FORTUNE BAY CASINO POKER Hereafter, for simplicity,we simply refer to these as “social costs,” or the “social costs of gambling.” welfare economists have taken care to distinguish between “technological externalities ” and “pecuniary externalities.”19 Technological externalities are defined as those for which the external effect. Methodology: Social Costs of Gambling. • Social costs opposed to social benefits yield effect on welfare. • Social costs as sum of private and external costs. • Monetary externalities have corresponding benefit. Social costs of gambling Dr. Ingo Fiedler APEE Conference, Maui 16th April University of Hamburg Institute of Law & Economics Division on Gambling Introduction to the topic of social sosts • Calculation of social costs is a (young) task of economics.