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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Using Icon Arrays to Communicate Gambling Information Reduces the Appeal of Scratch Card Games
Alexander C Walker1, Madison Stange2, Mike J Dixon2
1Department of Psychology, University of Waterloo, Waterloo, ON, N2L 3G1, Canada. a24walke@uwaterloo.ca.
Journal of Gambling Studies
|January 19, 2022
Summary
Using foreground-background icon arrays to present gambling data reduces players' perceived odds of winning. This visual format makes scratch card games less appealing and lowers the urge to gamble.
Area of Science:
- Behavioral Economics
- Decision Science
- Risk Perception
Background:
- Icon arrays improve risk comprehension and reduce biases.
- Gambling decisions are often influenced by optimistic perceptions.
- Visualizing statistical information can impact judgment.
Purpose of the Study:
- To investigate if icon arrays influence gambling-related judgments.
- To assess the effect of visual gambling information on perceptions of winning.
- To determine if icon arrays reduce the appeal of scratch card games.
Main Methods:
- Two experiments were conducted with 1151 participants.
- Participants viewed gambling information presented via icon arrays or numerical formats.
- Gambling-related judgments, including perceived likelihood of winning and urge to gamble, were measured.
Main Results:
- Icon arrays significantly reduced participants' perceived likelihood of winning.
- The icon array format decreased excitement and urge to gamble on scratch cards.
- Compared to numerical formats, icon arrays lessened the appeal of gambling games.
Conclusions:
- Foreground-background icon arrays are effective in correcting overly optimistic gambling perceptions.
- Visualizing gambling statistics via icon arrays can decrease the appeal of negative expected value games.
- Icon arrays offer a promising tool for mitigating gambling-related biases and promoting informed decisions.
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