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I do not play lotteries

Author

Listed:
  • Pablo Brañas-Garza

    () (Department of Economic Theory and Economic History, University of Granada)

  • Nikolaos Georgantzis

    (Universidad Jaume I)

  • Pablo Guillen

    (Harvard Business School)

Abstract

We study individual decision making in a lottery-choice task performed by three subject populations: gamblers under psychological treatment (“addicts”), gamblers’ relatives (“victims”), and normal (as far as gambling is considered) individuals. We find that addicts are willing to take less risk than normal individuals, but the large majority of victims reports themselves unwilling to take any risk at all. Furthermore, both addicts and victims maintain their choices invariant across different scenarios concerning the risk-return tradeoff.

Suggested Citation

  • Pablo Brañas-Garza & Nikolaos Georgantzis & Pablo Guillen, 2005. "I do not play lotteries," ThE Papers 05/04, Department of Economic Theory and Economic History of the University of Granada..
  • Handle: RePEc:gra:wpaper:05/04
    as

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    File URL: http://www.ugr.es/~teoriahe/RePEc/gra/wpaper/thepapers05_04.pdf
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    References listed on IDEAS

    as
    1. Murnighan, J Keith & Roth, Alvin E & Schoumaker, Francoise, 1988. "Risk Aversion in Bargaining: An Experimental Study," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 101-124, March.
    2. 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. 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.
    3. 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.

    More about this item

    Keywords

    risky decision making; pathological gambling; attraction and re-pulsion to chance.;

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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