The Interaction of Experiential and Situational Factors and Gender in a Simulated Risky Decision-Making Task

Abstract In this study, 110 students responded to a series of gambling options described in terms of amount of initial investment, amount to be won, and probability of winning or losing. Half of the subjects were given the “chance of winning” each gamble, and half were given the “chance of losing” each gamble. Students' experience as gamblers was also recorded. Students generally responded more favorably to gambles when the probability information was phrased in positive terms than when it was phrased in negative terms. Males responded more favorably than females, and more experienced gamblers responded more favorably than less experienced gamblers. The magnitude of the framing effect was relatively invariant across levels of prior gambling experience.