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Fear and loathing in Las Vegas: Evidence from blackjack tables

Publication ,  Journal Article
Carlin, BI; Robinson, DT
Published in: Judgment and Decision Making
August 1, 2009

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 largestakes gamblers and does not change in the face of more complicated strategic decisions.

Duke Scholars

Published In

Judgment and Decision Making

EISSN

1930-2975

Publication Date

August 1, 2009

Volume

4

Issue

5

Start / End Page

385 / 396

Related Subject Headings

  • Experimental Psychology
  • 52 Psychology
  • 1702 Cognitive Sciences
  • 1701 Psychology
  • 1505 Marketing
 

Citation

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Carlin, B. I., & Robinson, D. T. (2009). Fear and loathing in Las Vegas: Evidence from blackjack tables. Judgment and Decision Making, 4(5), 385–396.
Carlin, B. I., and D. T. Robinson. “Fear and loathing in Las Vegas: Evidence from blackjack tables.” Judgment and Decision Making 4, no. 5 (August 1, 2009): 385–96.
Carlin BI, Robinson DT. Fear and loathing in Las Vegas: Evidence from blackjack tables. Judgment and Decision Making. 2009 Aug 1;4(5):385–96.
Carlin, B. I., and D. T. Robinson. “Fear and loathing in Las Vegas: Evidence from blackjack tables.” Judgment and Decision Making, vol. 4, no. 5, Aug. 2009, pp. 385–96.
Carlin BI, Robinson DT. Fear and loathing in Las Vegas: Evidence from blackjack tables. Judgment and Decision Making. 2009 Aug 1;4(5):385–396.

Published In

Judgment and Decision Making

EISSN

1930-2975

Publication Date

August 1, 2009

Volume

4

Issue

5

Start / End Page

385 / 396

Related Subject Headings

  • Experimental Psychology
  • 52 Psychology
  • 1702 Cognitive Sciences
  • 1701 Psychology
  • 1505 Marketing