Fear and loathing in Las Vegas: Evidence from blackjack tables

Journal Article (Journal Article)

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 Authors

Cited Authors

  • Carlin, BI; Robinson, DT

Published Date

  • August 1, 2009

Published In

Volume / Issue

  • 4 / 5

Start / End Page

  • 385 - 396

Electronic International Standard Serial Number (EISSN)

  • 1930-2975

Citation Source

  • Scopus