Reckless Gamble Research Articles

How Cues of Being Watched Promote Risk Seeking in Fund Investment in Older Adults.

Social cues, such as being watched, can subtly alter fund investment choices. This study aimed to investigate how cues of being watched influence decision-making, attention allocation, and risk tendencies. Using decision scenarios adopted from the “Asian Disease Problem,” we examined participants’ risk tendency in a financial scenario when they were watched. A total of 63 older and 66 younger adults participated. Eye tracking was used to reveal the decision-maker’s attention allocation (fixations and dwell time per word). The results found that both younger and older adults tend to seek risk in the loss frame than in the gain frame (i.e., framing effect). Watching eyes tended to escalate reckless gambling behaviors among older adults, which led them to maintain their share in the depressed fund market, regardless of whether the options were gain or loss framed. The eye-tracking results revealed that older adults gave less attention to the sure option in the eye condition (i.e., fewer fixations and shorter dwell time). However, their attention was maintained on the gamble options. In comparison, images of “watching eyes” did not influence the risk seeking of younger adults but decreased their framing effect. Being watched can affect financial risk preference in decision-making. The exploration of the contextual sensitivity of being watched provides us with insight into developing decision aids to promote rational financial decision-making, such as human-robot interactions. Future research on age differences still requires further replication.

On Second Thought

On Second Thought

On Second Thought

On Second Thought

A Sixpence at Whist: Gaming and the English Middle Classes, 1680–1830, by Janet E. Mullin

Janet Mullin is a gifted writer, who uses gaming as ‘a lens through which to glimpse middling mentalities, preoccupations, and priorities’ (p. 5). As she leads readers into the best parlour for a game of whist, one can almost peer into her subjects’ hands of cards. Mullin’s engaging style offers a leisurely read about leisure in a language that evokes comfort, gentility and fun. A wide variety of sources from forty-one archives fill this national survey of rural and urban dwellers. Account books, letters and diaries are juxtaposed effectively, while women and usually-hidden children are happily visible at play. We observe ‘a seldom-seen portrait of genteel sociability’ (p. 7) that became central to players’ lives in the home and the wider world. Mullin’s clear argument paints a picture of enlightened middling-sort individuals, who used moderation, restraint and discretion in cards as well as in life. First, she introduces her players, mainly families in trade or the professions with annual incomes of £80–£150, (pp. 14–17). Then she questions the motives that shaped their attitudes to games: were they able to avoid the reckless gambling that was so prominent among the nobility? Rituals of card-playing are analysed both at home and in public settings. In addition, contemporary views of gaming are examined in essays, sermons, periodicals and novels, whose target was the middling sort. The perils of risk and the pitfalls that faced family members are also considered.

The Case for Using Personally Relevant and Emotionally Stimulating Gambling Messages as a Gambling Harm-Minimisation Strategy

Emotions typically exert powerful, enduring, and often predictable influences over decision-making. However, emotion-based decision-making is seen as a mediator of impulsive and reckless gambling behaviour, where emotion may be seen as the antithesis of controlled and rational decision-making, a proposition supported by recent neuroimaging evidence. The present paper argues that the same emotional mechanisms can be used to influence a gambler to cease gambling, by focusing their emotional decision-making on positive external and personally relevant factors, such as familial impact or longer term financial factors. Emotionally stimulating messages may also have the advantage of capturing attention above and beyond traditionally responsible gambling messaging. This is important given the highly emotionally aroused states often experienced by both gamblers and problem gamblers, where attentional activation thresholds for external stimuli such as messages may be increased.

Summer Budget: calculated risk or reckless gamble?

Economic OutlookVolume 39, Issue 3 p. 5-10 Economic Outlook Summer Budget: calculated risk or reckless gamble?† First published: 12 August 2015 https://doi.org/10.1111/1468-0319.12163Citations: 2 † By Andrew Goodwin, Lead UK Economist, agoodwin@oxfordeconomics.com and Martin Beck, Lead UK Economist, mbeck@oxfordeconomics.com AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Abstract The Chancellor had created the expectation that his Summer Budget would be radical and he did not disappoint. The ‘rabbit from the hat’ was a compulsory ‘living wage’, expected to reach £9 per hour in 2020, which Mr Osborne hopes will help to compensate the lower paid for the slashing of in-work benefits. This has effectively transferred responsibility for supporting low-income households from the government to employers. The OBR expects this to have a relatively muted impact on employment, but this view looks pretty optimistic and the policy represents a major gamble. The reduction in welfare spending, plus an easing of the near-term fiscal squeeze, has helped to smooth the public spending ‘rollercoaster’. But with a plethora of giveaways failing to disguise a net increase in the tax burden, the Budget is likely to weigh on growth prospects, even if the Chancellor's big gamble pays off. Alongside the Budget the Chancellor announced a new fiscal mandate, which will require governments to run a budget surplus in “normal times”. But meeting this mandate will require a fiscal stance very far from the historical norm and it will also force other sectors to move into deficit to compensate. It will also mean a looser monetary policy than would otherwise be the case. So a policy presented as creating room for fiscal policy to respond to future economic shocks could potentially narrow the scope for the more potent weapon of interest rate cuts. Citing Literature Volume39, Issue3July 2015Pages 5-10 RelatedInformation

認知的負荷は賭けを無謀にするか？――感情と運をふまえて――

In this experimental study, the effects of cognitive load on reckless gambling were investigated among Japanese undergraduates. Changes in the participants’ emotional states and perceived luck while gambling were also investigated. Participants (23 males and 21 females) performed the Game of Dice Task (GDT) consisting of 18 trials; their emotional states and perceived luck were assessed before the first trial and after subsequent trial. Participants in the experimental group were asked to memorize words while playing the GDT, whereas those in the control group were not required to do so. Results indicate that the experimental group gambled more recklessly than the control group while performing the GDT. Furthermore, participants in the experimental group experienced more positive emotions and better perceived luck than the control group. These results suggest that individuals with cognitive load while gambling are likely to interpret their emotional states and perceived luck more favorably and to overestimate the probability of winning. Therefore, these individuals are prone to gambling recklessly.

無関連に喚起された快と運がギャンブル行動の無謀さと手堅さに及ぼす影響

The current study investigated the effects of gambling-irrelevant positive emotions and gambling-irrelevant perceived luck on gambling behavior. Participants performed a Game of Dice Task(GDT) comprising 18 trials. Their emotional states and perceived luck in relation to the game were assessed before the first trial and, subsequently, after every trial. In an effort to trigger their emotions, participants were shown film clips before performing the GDT; perceived luck was induced through “lucky” draws for which, unbeknown to the participants, the results were controlled. The results indicated that participants among whom positive emotions and perceived luck were induced, gambled more recklessly after winning consistently, rather than losing. Further, after initially gambling with seemingly even chances of winning, participants gambled less recklessly, despite their induction with both positive emotions and perceived good luck. However, after reckless gambling, positive emotions and perceived good luck had no significant effect on subsequent gambling behavior.

ギャンブルと無関連に喚起された活性レベルの上昇がギャンブル行動の無謀さ・手堅さに及ぼす影響

ギャンブルと無関連に喚起された活性レベルの上昇がギャンブル行動の無謀さ・手堅さに及ぼす影響

Experimental study of reckless gambling behavior: the effect of controlled positive emotion and good luck

Experimental study of reckless gambling behavior: the effect of controlled positive emotion and good luck

勝敗が無謀なギャンブル行動に及ぼす影響

勝敗が無謀なギャンブル行動に及ぼす影響

Effects of winning versus losing and affect on reckless gambling behavior

Effects of winning versus losing and affect on reckless gambling behavior

'Money is Laughing Gas to Me' (Freud): A Critique of Pure Reason in Economics and Psychoanalysis

In 1975, when the US economy was in the grip of stagflation, New York magazine published the findings of a psychological study of the sex-lives of thirty Wall Street brokers and investors, in which the psychologists showed that when the Dow Jones industrial average went up, so did their subjects' sex-drives (as measured by orgasmic frequency), and when the market fell, so did libido on Wall Street, sending brokers and investors in droves to their psychotherapists' couches, complaining of a welter of sexual dysfunctions. (1) The finding, of course, confirmed a traditional conceit of psychoanalytic literature, which has always invested heavily in the exchange-value of libido, its symbolic equivalence with money, tying compulsive saving to anality and spending to genitality. (2) If the 1975 study has any predictive plausibility, psychoanalysts today must be making a killing from the 2008-09 crash, the world's most acute financial crisis since the Great Depression, and one can only hope that the traders and investors who are paying their fees feel they are making a sound investment in rebuilding their libidinal economies. As for the bankers at the core of the crash, what can one say to them, except: Congratulations! Now that you've been reassured that capitalism is indeed communism for the rich and free enterprise for the poor (as Martin Luther King reputedly put it) and that the tax-payer will pick up the tab for even your most reckless gambling debts, your libidos must be popping! The aim of this gathering of essays, as of the Freud Museum conference in which most of them originated (Psychoanalysis, Money and the Economy, 1-4 July 2010), is to re-open a dialogue between two disciplines, psychoanalysis and economics, which for much of the past 100 years have been mutually indifferent and mutually opaque. The aim of this introductory essay, specifically, is to stage a confrontation between the subjects of these discourses, homo psychologicus and homo oeconomicus. The historical rift between these subjects has produced a cluster of simplistic distinctions--half-truths at best, or myths in the Barthesian sense--that this special issue is designed to discredit and to move debate beyond, such as the notion that psychoanalysis deals with the symbolic meanings of money whereas economics deals with 'real' money; that the subject of psychoanalysis is by definition unreasonable, neurotic or delusional whereas the subject of economics is a logical decision-maker; or that economics is a science of rational choice whereas psychoanalysis is a science (or pseudo-science) of the irrational. The psychoanalytic temptation to think money only in relation to obsessional neurotic syndromes risks reinforcing the idea that a global financial crisis must be understood as a dysfunction, sickness or pathology of the market, requiring psychological diagnosis and strong medicine to restore it to reason, whereas 'healthy' markets are transparently rational in determining the so-called 'true' price of everything through the logic of supply and demand. (3) Another way of seeing the 2008-9 crash, of course, is as business-as-usual--as one of those endemic crises by which capitalism accelerates the privatising of profits and the nationalising of debts, enabling the corporate state to produce a leaner, meaner capitalism by reversing labour-union gains with what it defends as regrettable but 'necessary' cuts to pensions, wages, public sector employment, state education and welfare, while ratcheting up the police and military power needed to quell social unrest and compel global discipline. (4) The failure of certain autocratic regimes in North Africa and the Middle East to suppress such potentially revolutionary unrest in 2011 is not, of course, to be confused with a failure of capitalism. When I first proposed 'psychoanalysis and the economy' as a conference theme to the Freud Museum in January 2009--a time when many governments were performing U-turns in fiscal policy, dropping their hard-line Friedmanism in favour of pseudo-Keynesianism--it wasn't because I hoped psychoanalysis might offer some diagnostic insights into a sickness of previously healthy financial markets, still less any 'cures' for economic neurosis. …

Winning and positive affect can lead to reckless gambling.

Experiments 1 and 2 examined whether winning versus losing led to reckless betting for real prize money. Experiment 2 also assessed whether positive or negative emotions were linked to such reckless betting. College students were randomly assigned to experience primarily either wins or losses during the rigged first round of a computerized card tournament that had 2 independent rounds. For the second round, participants' chip totals were reset and cards were dealt randomly. In Experiment 1 (N=107), participants in the Initial-Winning, as compared with the Initial-Losing, condition bet more recklessly (i.e., bet too many chips when a loss was likely). Experiment 2 (N=72) again showed that Initial-Winning participants bet significantly more recklessly than did Initial-Losing participants. It also revealed that positive affect was significantly positively correlated with such reckless betting. These findings have implications for understanding how college students, those at an age when they are especially vulnerable to problem gambling, can come to lose more money than they can afford. Initially winning and positive affect when gambling could be risk factors.

Innovation corrupted: the origins and legacy of Enron's collapse

* Introduction Part I: The Origins Of Enron's Collapse * From Innovation to Reckless Gambling * The Impact of Perverse Incentives * The Evolving Culture of Deceit * Ethical Drift * The Directors' Failure * Collusion of Financial Intermediaries * Enron and the Public Watchdogs Part II: Enron's Legacy * Strengthening Board Oversight * Avoiding Perverse Financial Incentives * Instilling Ethical Discipline * Afterword * Appendixes * Notes * Bibliography * Index

"One Throw of the Gambleris Dice": A Comment on Holger Herwigis View of the Schlieffen Plan

This comment challenges the view that the Schlieffen plan was flawed by its subjection to an unrealistic timetable. Schlieffen's great memorandum of 1905 does not in fact stipulate any deadline for completing the projected war against France. The six-week limit invoked by Herwig and others relates to plans that were made for the conduct of a two-front war. It has been falsely superimposed on the Schlieffen plan, which was actually devised for the event of a one-front war. The Schlieffen plan has come to be seen as a reckless gamble largely on the basis of this inveterate misunderstanding as to its proper context.

The Making of the President 1968, Presidential Lottery: The Reckless Gamble in the American Electoral System, New Perspectives on the Presidency and The Harding Era: Warren G. Harding and his Administration

Journal Article The Making of the President 1968, Presidential Lottery: The Reckless Gamble in the American Electoral System, New Perspectives on the Presidency and The Harding Era: Warren G. Harding and his Administration Get access The Making of the President 1968. By Theodore H. White. London: Jonathan Cape. 1969. 459 pp. Index. 45s.Presidential Lottery: The Reckless Gamble in the American Electoral System. By James A. Michener. London: Seeker & Warburg. 1970. 240 pp. 50s.New Perspectives on the Presidency. By Curtis Arthur Amlund. New York: Philosophical Library. 1969. 113 pp. $4.50.The Harding Era: Warren G. Harding and his Administration. By Robert K. Murray. Minneapolis: University of Minnesota Press; London: Oxford University Press. 1969. 626 pp. Bibliog. Index. 130s. Gerard Evans Gerard Evans Search for other works by this author on: Oxford Academic Google Scholar International Affairs, Volume 47, Issue 1, January 1971, Pages 235–237, https://doi.org/10.2307/2614793 Published: 01 January 1971

Electoral college. Presidential lottery. The reckless gamble in our electoral system. By James A. Michencr. Random House, 457 Madison Avenue, New York 10022, 1969. vii, 240 pp. $5.95

Electoral college. Presidential lottery. The reckless gamble in our electoral system. By James A. Michencr. Random House, 457 Madison Avenue, New York 10022, 1969. vii, 240 pp. $5.95

Short Cuts to Justice and Happiness

TynE experiment with free society and government by discussion is still historically young and restricted to historically unique conditions; and no one at this date can pronounce result a demonstrated success. In history generally it is still true, with negligible exceptions, that societies have survived by having a mechanism for sanctifying what is established and suppressing any urge to raise dangerous questions about accepted beliefs or practices on such frivolous grounds as considerations of truth and justice. The experiment, nevertheless, has had remarkable successes; and progress associated with it has not been equaled in any other historical period. Despite this progress it is certainly true that there are many problems which free societies have not solved; and there is nowadays among impatient reformers a widespread disposition to abandon most of gains that have been made in favor of a reckless gamble on efforts to achieve a wholesale, immediate solution of all resistant problems. Common to proposals of most such reformers is replacement of slow method of discussion and agreement by a blank check to be drawn by society in favor of the government, or the church, or the scientists, or whatever group seems to reformer best qualified to furnish guidance and order to a distressed world. Whether appeal for authority is made in name of righteousness or justice or reason, issues raised are much same. Discussion of The Liberal Tradition' may serve as a general critique of a kind of thinking which is now widespread. The book under discussion is neither a