Dopamine and risk choices in different domains: Findings among serious tournament bridge players
Individuals differ significantly in their willingness to take risks, partly due to genetic differences. We explore how risk taking behavior correlates with different versions of the dopamine receptor D4 gene (DRD4). We focus on risk taking in the card game contract bridge, and economic risk taking as proxied by a financial gamble. We also explore self-reported general risk taking, and self-reported behavior in risk-related activities. Our participants are serious tournament bridge players, which gives them substantial experience in risk taking. We find some evidence that men with a 7-repeat allele (7R+) of DRD4 take more overall risk in bridge than individuals without this allele (7R-), and strong evidence that 7R+ men take more economic risk in an investment game. Interestingly, these relationships are not found in the women in our study. Although the number of 7R+ women in our sample is low, our results may reflect a gender difference in how the 7R+ genotype affects behavior. Bridge masterpoints measure past success, thus reflecting playing skill and experience. We show that masterpoint level modulates the effect of the DRD4 gene in men in a highly important manner. We find that higher ranked 7R+ men take significantly more good risks and significantly fewer bad risks than other men, whereas the opposite is found for less-expert 7R+ men. This is the first study to distinguish between advantageous and disadvantageous risk taking. We identify a strong interaction among desirable risk taking behavior, measured success, and genetic variation. Considering other risk measures, we find no difference between 7R+ and 7R- individuals in general risk taking or in any of a number of other risk-related activities. Our results indicate that the dopamine system plays an important role in explaining individual differences in risk taking in bridge and economic risk taking among men. Little relationship is found in other activities involving risk or among women.
(This abstract was borrowed from another version of this item.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 43 (2011)
Issue (Month): 1 (August)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/economics/economic+theory/journal/11166/PS2|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dolly Chugh & Max Bazerman, 2007. "Bounded awareness: what you fail to see can hurt you," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 6(1), pages 1-18, June.
- Luigi Guiso & Monica Paiella, 2005.
"The Role Of Risk Aversion In Predicting Individual Behavior,"
Temi di discussione (Economic working papers)
546, Bank of Italy, Economic Research and International Relations Area.
- Monica Paiella & Luigi Guiso, 2004. "The Role of Risk Aversion in Predicting Individual Behaviour," Econometric Society 2004 Latin American Meetings 222, Econometric Society.
- Guiso, Luigi & Paiella, Monica, 2004. "The Role of Risk Aversion in Predicting Individual Behaviours," CEPR Discussion Papers 4591, C.E.P.R. Discussion Papers.
- Hogarth, Robin M & Kunreuther, Howard, 1995. "Decision Making under Ignorance: Arguing with Yourself," Journal of Risk and Uncertainty, Springer, vol. 10(1), pages 15-36, January.
- Lisa Anderson & Jennifer Mellor, 2009.
"Are risk preferences stable? Comparing an experimental measure with a validated survey-based measure,"
Journal of Risk and Uncertainty,
Springer, vol. 39(2), pages 137-160, October.
- Lisa R. Anderson & Jennifer M. Mellor, 2008. "Are Risk Preferences Stable? Comparing an Experimental Measure with a Validated Survey-Based Measure," Working Papers 74, Department of Economics, College of William and Mary.
- Ariel Knafo & Salomon Israel & Ariel Darvasi & Rachel Bachner-Melman & Florina Uzefovsky & Lior Cohen & Esti Feldman & Elad Lerer & Efrat Laiba & Yael Raz & Lubov Nemanov & Inga Gritsenko & Christian , 2007. "Individual Differences in Allocation of Funds in the Dictator Game Associated with Length of the Arginine Vasopressin 1a Receptor (AVPR1a) RS3 Promoter-region and Correlation between RS3 Length and Hi," Discussion Paper Series dp457, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
- Gneezy, U. & Potters, J.J.M., 1997.
"An experiment on risk taking and evaluation periods,"
Other publications TiSEM
da6ba1bf-e15c-41b2-ae95-c, Tilburg University, School of Economics and Management.
- Uri Gneezy & Jan Potters, 1997. "An Experiment on Risk Taking and Evaluation Periods," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 631-645.
- Gneezy, U. & Potters, J.J.M., 1996. "An experiment on risk taking and evaluation periods," Discussion Paper 1996-61, Tilburg University, Center for Economic Research.
- Laurent E. Calvet & Paolo Sodini, 2010.
"Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios,"
NBER Working Papers
15859, National Bureau of Economic Research, Inc.
- Laurent E. Calvet & Paolo Sodini, 2014. "Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios," Journal of Finance, American Finance Association, vol. 69(2), pages 867-906, 04.
- Calvet, Laurent-Emmanuel & Sodini, Paolo, 2011. "Twin picks: disentangling the determinants of risk-taking in household portfolios," Les Cahiers de Recherche 948, HEC Paris.
- Laurent-Emmanuel Calvet & Paolo Sodini, 2011. "Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios," Working Papers hal-00625504, HAL.
- Calvet, Laurent E. & Sodini, Paolo, 2013. "Twin picks: Disentangling the determinants of risk-taking in household portfolios," SAFE Working Paper Series 13, Research Center SAFE - Sustainable Architecture for Finance in Europe, Goethe University Frankfurt.
- Barnea, Amir & Cronqvist, Henrik & Siegel, Stephan, 2010.
"Nature or nurture: What determines investor behavior?,"
Journal of Financial Economics,
Elsevier, vol. 98(3), pages 583-604, December.
- Barnea, Amir & Cronqvist, Henrik & Siegel, Stephan, 2010. "Nature or Nurture: What Determines Investor Behavior?," SIFR Research Report Series 72, Institute for Financial Research.
- Jeffrey Carpenter & Justin Garcia & J. Lum, 2011. "Dopamine receptor genes predict risk preferences, time preferences, and related economic choices," Journal of Risk and Uncertainty, Springer, vol. 42(3), pages 233-261, June.
- Donkers, A.C.D. & Melenberg, B. & van Soest, A.H.O., 1999.
"Estimating Risk Attitudes Using Lotteries; A Large Sample Approach,"
1999-12, Tilburg University, Center for Economic Research.
- Donkers, Bas & Melenberg, Bertrand & Van Soest, Arthur, 2001. "Estimating Risk Attitudes Using Lotteries: A Large Sample Approach," Journal of Risk and Uncertainty, Springer, vol. 22(2), pages 165-95, March.
- Rachel Croson & Uri Gneezy, 2009. "Gender Differences in Preferences," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 448-74, June.
- Johnson, Eric J & Hershey, John & Meszaros, Jacqueline & Kunreuther, Howard, 1993. "Framing, Probability Distortions, and Insurance Decisions," Journal of Risk and Uncertainty, Springer, vol. 7(1), pages 35-51, August.
- David Cesarini & Christopher T. Dawes & Magnus Johannesson & Paul Lichtenstein & Björn Wallace, 2009.
"Genetic Variation in Preferences for Giving and Risk Taking,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 124(2), pages 809-842.
- David, Cesarini & Dawes, Christopher T. & Johannesson, Magnus & Lichtenstein, Paul & Wallace, Björn, 2007. "Genetic Variation in Preferences for Giving and Risk-Taking," SSE/EFI Working Paper Series in Economics and Finance 679, Stockholm School of Economics, revised 12 Jan 2009.
- Charness, Gary & Gneezy, Uri, 2003.
"Portfolio Choice and Risk Attitudes: An Experiment,"
University of California at Santa Barbara, Economics Working Paper Series
qt7vz7w609, Department of Economics, UC Santa Barbara.
- Gary Charness & Uri Gneezy, 2010. "Portfolio Choice And Risk Attitudes: An Experiment," Economic Inquiry, Western Economic Association International, vol. 48(1), pages 133-146, 01.
- Robert B. Barsky & F. Thomas Juster & Miles S. Kimball & Matthew D. Shapiro, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 537-579.
- Kuhnen, Camelia M. & Chiao, Joan Y., 2008. "Genetic Determinants of Financial Risk Taking," MPRA Paper 10895, University Library of Munich, Germany.
When requesting a correction, please mention this item's handle: RePEc:kap:jrisku:v:43:y:2011:i:1:p:19-38. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.