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Type | Journal Article |
Scope | Discipline-based scholarship |
Title | The effect of paper outcomes versus realized outcomes on subsequent risk-taking: Field evidence from casino gambling |
Organization Unit | |
Authors |
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Item Subtype | Original Work |
Refereed | Yes |
Status | Published in final form |
Language |
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Journal Title | Organizational Behavior and Human Decision Processes |
Publisher | Elsevier |
Geographical Reach | international |
ISSN | 0749-5978 |
Volume | 165 |
Page Range | 45 - 55 |
Date | 2021 |
Abstract Text | We test the realization effect, i.e., that risk-taking is greater after paper outcomes than after realized outcomes, using gambling data from a real casino. During a particular casino visit, customers likely perceive that gains and losses are paper outcomes, whereas leaving the casino realizes the final account balance. Using individual-level slot machine gambling records, we find that risk-taking after both paper losses and paper gains increases within a visit and that this effect is more pronounced for larger outcomes. Conversely, realized losses from earlier visits significantly decrease risk-taking if losses are comparatively large, whereas comparatively small realized losses and realized gains do not alter risk-taking. These results provide important field validation of the realization effect in an environment with positively skewed lotteries. |
Free access at | DOI |
Related URLs | |
Digital Object Identifier | 10.1016/j.obhdp.2021.04.003 |
Other Identification Number | merlin-id:21064 |
PDF File | Download from ZORA |
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