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Direct and indirect effects of pathological gambling on risk attitudes

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  • Pablo Branas-Garza,
  • Nikolaos Georgantzis
  • Pablo Guillen

Abstract

We study individual decision making in a lottery-choice task performed by three different populations: gamblers under psychological treatment ("addicts"), gamblers' spouses ("victims"), and people who are neither gamblers or gamblers' spouses ("normals"). We find that addicts are willing to take less risk than normals, but the difference is smaller as a gambler's time under treatment increases. The large majority of victims report themselves unwilling to take any risk at all. However, addicts in the first year of treatment react more than other addicts to the different values of the risk-return parameter.

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Bibliographic Info

Article provided by Society for Judgment and Decision Making in its journal Judgment and Decision Making.

Volume (Year): 2 (2007)
Issue (Month): (April)
Pages: 126-136

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Handle: RePEc:jdm:journl:v:2:y:2007:i::p:126-136

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Keywords: risky decision making; pathological gambling; attraction and repulsion to chance.\bigskip;

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  1. Murnigham, J.K. & Roth, A.E. & Schoumaker, F., 1985. "Risk Aversion in Bargaining: an Experimental Study," Cahiers de recherche 8536, Universite de Montreal, Departement de sciences economiques.
  2. Catherine C. Eckel & Philip J. Grossman, 2008. "Sex and Risk: Experimental Evidence," Development Research Unit Working Paper Series archive-09, Monash University, Department of Economics.
  3. Sabater-Grande, Gerardo & Georgantzis, Nikolaos, 2002. "Accounting for risk aversion in repeated prisoners' dilemma games: an experimental test," Journal of Economic Behavior & Organization, Elsevier, vol. 48(1), pages 37-50, May.
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Cited by:
  1. Brañas-Garza, Pablo & Guillen, Pablo & del Paso, Rafael López, 2008. "Math skills and risk attitudes," Economics Letters, Elsevier, vol. 99(2), pages 332-336, May.
  2. Aurora García-Gallego & Nikolaos Georgantzís & Daniel Navarro-Martínez & Gerardo Sabater-Grande, 2011. "The stochastic component in choice and regression to the mean," Theory and Decision, Springer, vol. 71(2), pages 251-267, August.
  3. Georgantzís, Nikolaos & Navarro-Martínez, Daniel, 2010. "Understanding the WTA-WTP gap: Attitudes, feelings, uncertainty and personality," Journal of Economic Psychology, Elsevier, vol. 31(6), pages 895-907, December.

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