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Do people prefer a gamble for gain or loss?

The findings suggested that people perceive gambling as more likely to lead to losses and less likely to lead to gains than investing. However, they erroneously believed that success in both investing and gambling was equally up to chance.

behaviorist.biz - More loss aversion stems from gambling than investing

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Make Your Bookie Cry And Pull The Hair By Generating $23,187

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“Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” – Paul Samuelson A study in the Journal of Economic Psychology proposed that because people tend to associate gambling with losing money and investing with gaining money, they are less loss averse when the same financial decision is framed as an investment instead of a gamble. The study was conducted by Xuesong Shang, Hebing Duan, and Jingyi Lu at the East China Normal University. People hate to lose. People even tend to hate losing more than they enjoy winning. Nobel laureate Daniel Kahneman and his associate Amos Tversky called this phenomenon loss aversion – the general tendency for negative outcomes to outweigh positive outcomes. As Shang and colleagues note in the current study, loss aversion predicts that the sadness of a person losing $100 would be greater than the happiness that same person would experience if they gained $100. Psychology researchers have long known about the framing effect -- the way things are framed can influence the way people perceive and react to them. For instance, people show a preference for pieces of beef described as being “75% lean” as opposed to “25% fat”, even though both percentages equate to the same thing. Frames play an important role in financial decisions as well. The term investing refers to what is thought to be a positive-sum game where, in aggregate over extended periods of time, people stand to gain more than they lose. Gambling, however, refers to any chance-based activities in which the expected returns always favor the house. Building on these findings, across 6 studies, Shang, Duan, and Lu sought to determine how framing financial decisions as investments versus gambles affects peoples’ loss aversion for both hypothetical and real financial decisions. They hypothesized that greater loss aversion would occur if decisions were framed as gambles than as investments.

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Do gamblers win more than they lose?

businessinsider.com - Study Shows That Most Gamblers Are Throwing Away Money

REUTERS/Suzanne Miller

They may not admit it, but most people lose money through gambling — and heavy gamblers lose the most, according to a new analysis by the Wall Street Journal. The Journal drew these conclusions from a study of several databases and interviews with experts. Eighty-nine percent of gamblers lost money in a study of 4,222 anonymous users of one online gambling network in Europe that includes games of chance like roulette, blackjack, and slots. In the small set of winners, few won more than $150. Among the heaviest gamblers, 95% lost money. In this group, big losers outnumbered big winners by 128 to 1. In another study of 18,000 loyalty card holders at U.S. casinos, only 13.5% ended up winning money. The odds of winning were better when it came to games of skill like poker, but still most gamblers lost money. And that's all you need to know when it comes to the investment value of gambling for most people.

Read the full analysis at the Journal >

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