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The effects of anticipated regret on risk preferences of social and problem gamblers

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  • Karin Tochkov

Abstract

Anticipated regret is an important determinant in risky decision making, however only a few studies have explored its role in problem gambling. This study tested for differences in the anticipation of regret among social and problem gamblers and examined how these differences affect risk preferences in a gambling task. The extent of problem gambling was assessed using the South Oaks Gambling Screen and participants were randomly assigned to one of two conditions. In the risky feedback condition, the feeling of regret was avoided by choosing the risky gamble, whereas in the safe feedback condition the safe gamble was the regret-minimizing option. Problem gambling was associated with the choice of the risky gamble in both conditions indicating less sensitivity to anticipated regret. It was also associated with risk seeking across feedback conditions when the stakes of winning and loosing were higher. These findings suggest that less regret or the poor anticipation of regret might contribute to excessive gambling and thus need to be addressed in cognitive treatments of problem gambling.

Suggested Citation

  • Karin Tochkov, 2009. "The effects of anticipated regret on risk preferences of social and problem gamblers," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 4(3), pages 227-234, April.
  • Handle: RePEc:jdm:journl:v:4:y:2009:i:3:p:227-234
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    References listed on IDEAS

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    1. James Sundali & Rachel Croson, 2006. "Biases in casino betting: The hot hand and the gambler's fallacy," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 1, pages 1-12, July.
    2. Diego Fernandez-Duque & Jessica Landers, 2008. "``Feeling more regret than I would have imagined'': Self-report and behavioral evidence," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3(6), pages 449-456, August.
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    Cited by:

    1. Bayer, Ya‘akov M. & Shtudiner, Zeev & Suhorukov, Oxsana & Grisaru, Nimrod, 2019. "Time and risk preferences, and consumption decisions of patients with clinical depression," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 78(C), pages 138-145.
    2. Y. Bayer, B.J. Ruffle, R. Zultan, T. Dwolatzky, 2018. "Time preferences of older people with mild cognitive impairment," LCERPA Working Papers 0115, Laurier Centre for Economic Research and Policy Analysis, revised 30 May 2018.

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