Engaging in “Illusory Control” during Repeated Risk-Taking

Risk-taking behavior occurs when an individual chooses to engage in a game of chance. Although the outcomes of these games are completely random, many individuals believe that they can exercise some control over the outcomes. The present study examined the extent to which five undergraduate roulette players would pay additional money for opportunities to engage in an illusory activity that had no influence on the game's outcome, i.e., choosing random numbers rather than having the experimenter choose them. All five subjects engaged in this type of activity and the extent to which they did was linearly related to the player's winnings. These findings may suggest why people continue to gamble when the odds of winning are against them.