(De-)Biasing on a Roll : Changing Gambling Behavior through Experiential Learning
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چکیده
This paper tests experiential learning as a debiasing tool against gambling behavior in South Africa. We implement a simple, interactive game that simulates the odds of winning the national lottery through dice rolling. Participants roll one and two dice until they obtain simultaneous sixes and are then informed that the odds of winning the jackpot is equivalent to rolling all sixes with nine dice. Individuals who need many (few) attempts play the lottery significantly less (more) than the control group in the following year. We find suggestive evidence that the debiasing affected sensitivity to varying winning odds. These changes cannot be explained by changes in entertainment utility or risk preferences; rather results are consistent with changes in risk beliefs. JEL Codes: D03, D12, D81, G02
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