You bet: How personality differences affect risk-taking preferences

Individuals exhibit personal preferences in gambling games, like slot machines, even when their options are economically equivalent. Here we explore how personality differences affect risk-taking preferences in slot-like games that vary along two dimensions of a risk space, namely the wager amount or "utility" (in a "W-game") and the winning chances or "probability" (in a "P-game"). The independent variables are personality measurements made by three scales: the Behavioral Inhibition/Activation Scales (BIS/ BAS), the Barratt Impulsiveness Scale, and the Zuckerman Sensation-Seeking Scale. Our results suggest that risk-taking is governed more by concern for a loss (measured by BIS) than desire for a win (measured by BAS), although both variables impact risk-taking preferences. We also find that Sensation-Seeking relates more to the chances (probability) of a win than the amount (utility) of a win. Impulsivity did not affect players' choices in either game, presumably because it affects the choice to play or not play in the first place. (C) 2008 Elsevier Ltd. All rights reserved.