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1 results

  • Fear and loathing in Las Vegas: Evidence from blackjack tables

  • Bruce I. Carlin, David T. Robinson
  • Journal:
    Judgment and Decision Making / Volume 4 / Issue 5 / August 2009
    Published online by Cambridge University Press:
    01 January 2023, pp. 385-396
    • Article
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  • 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 large-stakes gamblers and does not change in the face of more complicated strategic decisions.