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.
|Date of creation:||Jul 2010|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.ksg.harvard.edu/research/working_papers/index.htm
More information through EDIRC
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 and Society: Cognitive Studies in Economics and Social Sciences, Fondazione Rosselli, vol. 6(1), pages 1-18, June.
- 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.
- 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.
- Lisa R. Anderson & Jennifer M. Mellor, 2008.
"Are Risk Preferences Stable? Comparing an Experimental Measure with a Validated Survey-Based Measure,"
74, Department of Economics, College of William and Mary.
- 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.
- 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.
- 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.
- repec:ner:tilbur:urn:nbn:nl:ui:12-73908 is not listed on IDEAS
- 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.
- 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.
- 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, MIT Press, vol. 124(2), pages 809-842, May.
- Barnea, Amir & Cronqvist, Henrik & Siegel, Stephan, 2010.
"Nature or Nurture: What Determines Investor Behavior?,"
SIFR Research Report Series
72, Institute for Financial Research.
- 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.
- Johnson, Eric J, et al, 1993. " Framing, Probability Distortions, and Insurance Decisions," Journal of Risk and Uncertainty, Springer, vol. 7(1), pages 35-51, August.
- Kuhnen, Camelia M. & Chiao, Joan Y., 2008. "Genetic Determinants of Financial Risk Taking," MPRA Paper 10895, University Library of Munich, Germany.
- 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.
- Gary Charness & Uri Gneezy, 2010.
"Portfolio Choice And Risk Attitudes: An Experiment,"
Western Economic Association International, vol. 48(1), pages 133-146, 01.
- 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.
- Gneezy, U. & Potters, J.J.M., 1996.
"An experiment on risk taking and evaluation periods,"
1996-61, Tilburg University, Center for Economic Research.
- Gneezy, Uri & Potters, Jan, 1997. "An Experiment on Risk Taking and Evaluation Periods," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 631-45, May.
- 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.
- 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.
- 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.
- Barsky, Robert B, et al, 1997. "Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 537-79, May.
- Rachel Croson & Uri Gneezy, 2009. "Gender Differences in Preferences," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 448-74, June.
When requesting a correction, please mention this item's handle: RePEc:ecl:harjfk:rwp10-034. 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: ()
If references are entirely missing, you can add them using this form.