Gambling behavior and information processing biases

Abstract

Humans tend to exhibit rather consistent biases when cognitively processing information. In a gaming environment, these biases can affect participation in games of chance. The availability bias reduces complex probalistic judgments to simpler ones through the ease to which relevant instances can be brought to mind. The representativeness bias improperly attributes characteristics to an entity or process based on evidence received in a limited setting. Biasing factors appear to be affected by individual differences and situational factors. The effect on gambling may manifest itself in terms of duration of play, money played, and satisfaction or dissatisfaction with play. Implications for treatment of pathological gamblers are discussed.