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
APA
Chicago
ICMJE
MLA
NLM
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