You bet: How personality differences affect risk-taking preferences

Abstract

Individuals exhibit personal preferences in gambling games, like slot machines, even when their options are economically equivalent. Here we explore how personality differences affect risk-taking preferences in slot-like games that vary along two dimensions of a risk space, namely the wager amount or “utility” (in a “W-game”) and the winning chances or “probability” (in a “P-game”). The independent variables are personality measurements made by three scales: the Behavioral Inhibition/Activation Scales (BIS/BAS), the Barratt Impulsiveness Scale, and the Zuckerman Sensation-Seeking Scale. Our results suggest that risk-taking is governed more by concern for a loss (measured by BIS) than desire for a win (measured by BAS), although both variables impact risk-taking preferences. We also find that Sensation-Seeking relates more to the chances (probability) of a win than the amount (utility) of a win. Impulsivity did not affect players’ choices in either game, presumably because it affects the choice to play or not play in the first place.