Personality differences in patterns of risk-taking on a gambling task.
Item
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Title
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Personality differences in patterns of risk-taking on a gambling task.
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Identifier
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AAI9417450
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identifier
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9417450
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Creator
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Christodoulou, Christopher.
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Contributor
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Adviser: Jeffrey J. Rosen
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Date
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1994
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Language
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English
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Publisher
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City University of New York.
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Subject
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Psychology, General | Psychology, Personality | Psychology, Experimental
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Abstract
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People are known to differ in their patterns of risk taking. Some gamblers, for example, tend to make riskier bets after losing as opposed to after winning, even when each outcome is independently determined. While this betting pattern has been called the "gambler's fallacy," not all gamblers display it. In fact, some display the opposite (Leopard, 1978; Wagenaar, 1988).;The present investigation attempted to examine some of the reasons underlying such individual differences from the perspective of Cloninger's (1986, 1987a) unified biosocial personality theory. It was hypothesized that there was an overlap between variables important for decision making and the personality dimensions of this theory. Models of decision making typically include measures of loss, gain, and uncertainty/probability, (e.g., Kahneman & Tversky, 1979). Cloninger's personality dimensions are Harm Avoidance, Reward Dependence, and Novelty Seeking. In addition, a four factor version of the theory includes the dimension of Persistence, which may relate in part to the "framing," or contextual, effects which are also thought to affect decision making (Tversky and Kahneman, 1981).;In a preliminary study, Cloninger's Tridimensional Personality Questionnaire (TPQ) was administered to 428 undergraduate students in order to ascertain its usefulness in the present college population. The results largely replicated Cloninger's own normative data. A factor analysis resulted in the four personality dimensions listed above.;The relationship between personality and risky decision making was then examined in 127 undergraduates who completed the TPQ and performed a computerized gambling task. Results indicated that each personality dimension was independently correlated with specific patterns of risky decision making. In addition, a multiple regression indicated that the combination of independent dimensions and their interactions accounted for a considerable portion (40 to 50 percent) of the variance in gambler's fallacy betting patterns. Interpretations of the data were then presented, limitations of the study discussed, and future studies proposed.
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Type
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dissertation
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Source
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PQT Legacy CUNY.xlsx
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degree
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Ph.D.
