Surprisingly, gambling behaviour can be quite effectively modelled through several economic theories such as loss aversion and hot hand theory.
Do you think you fall prey to psychological biases like hot hand theory (where you think winning streaks are likely even though the probability of you winning is independent)?
I think we all do at some point. It’s hard not to get caught up in the excitement of a winning streak, even if deep down we know it’s just luck playing tricks on us
Wow, this is so interesting! I’ve always wondered about the psychology behind gambling behaviours. It’s wild how there’s such a range from rational to irrational actions among gamblers.
Do you think there’s a particular factor or combination of factors that tends to influence whether someone falls more on the rational or irrational side of gambling? Maybe personal experiences or external pressures? Would love to hear your thoughts!
Understanding and being aware of psychological biases like the hot hand theory is crucial in decision-making processes. Though I think it’s human nature to perceive winning streaks as likely to continue
Oh, that’s the reason i would never gamble. There are so many ways the casino makes you think that you’re winning, but they always win in the end
i think definitely upbringing and media play a big role… nowaways teenagers are very exposed on the Internet to gambling content and often on sites where they gameify gambling eg winning when you find gems and losing when you find a bomb, and these games encourage people to believe in winning streaks etc
its basically an addiction
Gambling is a psychological rollercoaster. It offers highs of anticipation and the allure of winning, but it’s a slippery slope. The thrill can quickly turn into addiction, leading to emotional and financial turmoil. I prefer to steer clear and focus on safer bets for my mental well-being.
thats definitely the best attitude to have towards gambling!