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Fear and loathing in Las Vegas: Evidence from blackjack tables

Author

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  • Carlin, Bruce I.
  • Robinson, David T.

Abstract

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.

Suggested Citation

  • Carlin, Bruce I. & Robinson, David T., 2009. "Fear and loathing in Las Vegas: Evidence from blackjack tables," Judgment and Decision Making, Cambridge University Press, vol. 4(5), pages 385-396, August.
    • Handle: RePEc:cup:judgdm:v:4:y:2009:i:5:p:385-396_5
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    Cited by:

    1. is not listed on IDEAS
    2. Prachi Deuskar & Deng Pan & Fei Wu & Hongfeng Zhou, 2021. "How does regret affect investor behaviour? Evidence from Chinese stock markets," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1851-1896, April.
    3. Ruty Keinan & Yoella Bereby-Meyer, 2012. ""Leaving it to chance"-Passive risk taking in everyday life," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 7(6), pages 705-715, November.

    More about this item

    JEL classification:

    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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