Fear and loathing in Las Vegas
This paper uses proprietary data from a blackjack table in Las Vegas to analyze how the expectation of regret affects peoples' decisions during gambles. Even among a group of people who choose to participate in a risk-taking activity, we find strong evidence of an economically significant omiss...
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| Format: | Article |
| Language: | English |
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Society for Judgment and Decision Making
2009-08-01
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| Series: | Judgment and Decision Making |
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| Online Access: | http://journal.sjdm.org/9519/jdm9519.pdf |
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doaj-73a8f7fc2e314f58ac27e40aae03eea82021-05-02T05:47:32ZengSociety for Judgment and Decision MakingJudgment and Decision Making1930-29752009-08-0145385396Fear and loathing in Las VegasBruce I. CarlinDavid T. RobinsonThis paper uses proprietary data from a blackjack table in Las Vegas to analyze how the expectation of regret affects peoples' decisions during gambles. Even among a group of people who choose to participate in a risk-taking activity, we find strong evidence of an economically significant omission bias: 80\% of the mistakes at the table are caused by playing too conservatively, resulting in substantial monetary losses. This behavior is equally prevalent among large-stakes gamblers and does not change in the face of more complicated strategic decisions. http://journal.sjdm.org/9519/jdm9519.pdfblackjackgamblingomission biasdecision making.NAKeywords |
| collection |
DOAJ |
| language |
English |
| format |
Article |
| sources |
DOAJ |
| author |
Bruce I. Carlin David T. Robinson |
| spellingShingle |
Bruce I. Carlin David T. Robinson Fear and loathing in Las Vegas Judgment and Decision Making blackjack gambling omission bias decision making.NAKeywords |
| author_facet |
Bruce I. Carlin David T. Robinson |
| author_sort |
Bruce I. Carlin |
| title |
Fear and loathing in Las Vegas |
| title_short |
Fear and loathing in Las Vegas |
| title_full |
Fear and loathing in Las Vegas |
| title_fullStr |
Fear and loathing in Las Vegas |
| title_full_unstemmed |
Fear and loathing in Las Vegas |
| title_sort |
fear and loathing in las vegas |
| publisher |
Society for Judgment and Decision Making |
| series |
Judgment and Decision Making |
| issn |
1930-2975 |
| publishDate |
2009-08-01 |
| description |
This paper uses proprietary data from a blackjack table in Las Vegas to analyze how the expectation of regret affects peoples' decisions during gambles. Even among a group of people who choose to participate in a risk-taking activity, we find strong evidence of an economically significant omission bias: 80\% of the mistakes at the table are caused by playing too conservatively, resulting in substantial monetary losses. This behavior is equally prevalent among large-stakes gamblers and does not change in the face of more complicated strategic decisions. |
| topic |
blackjack gambling omission bias decision making.NAKeywords |
| url |
http://journal.sjdm.org/9519/jdm9519.pdf |
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AT bruceicarlin fearandloathinginlasvegas AT davidtrobinson fearandloathinginlasvegas |
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