Authors: Lawrence Hoc Nang Fong Rob Law Desmond Lam
Publish Date: 2013/06/06
Volume: 30, Issue: 3, Pages: 757-770
Abstract
Gambling is a leisure activity which is enjoyed by many people around the world Among these people Chinese are known for their high propensity to gamble and are highly sought after by many casinos In this exploratory study the effect of two types of fallacy bias—positive recency and negative recency—on the betting behavior of Chinese gamblers is investigated Although the influence of fallacy bias on a betting decision is well documented little is known about the interaction of the factors that dictate fallacy bias Drawing from an analysis of 2645 betting decisions the results show that Chinese gamblers primarily endorse positive recency especially when the latest outcome is more frequent This is contrary to most findings on Western subjects in which negative recency is more common Current findings have meaningful implications to casino gaming entertainment businesses and public policymakers
Keywords: