Probability preferences of a group of gamblers were compared with those of a group of non-gamblers. In contradiction to the hypothesis the gamblers preferred bets with a higher probability of winning than those the non-gamblers chose. This is accounted for in terms of a learning factor plus a compromise between dislike of high risk and of low pay-off. The latter part of this explanation is extended to account for the results obtained by Edwards in the original studies of probability preference.
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References
1.
EdwardsW.Probability preferences in gambling. American Journal of Psychology, 1953, 66, 349–364.
2.
EdwardsW.Probability preferences among bets with different expected values. American Journal of Psychology, 1954, 67, 56–67. (a)
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EdwardsW.The reliability of probability preferences. American Journal of Psychology, 1954, 67, 68–95. (b)
