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Debiasing on a Roll : Changing Gambling Behavior through Experiential Learning

ABSTRACT CONCEPTS ABSTRACT REASONING ADOLESCENCE ADVERTISEMENT ADVERTISEMENTS APPLIED PSYCHOLOGY APR ATTENTION BANK ACCOUNT BEHAVIOR CHANGE BEHAVIORAL ECONOMICS BELIEFS BENCHMARK BEST PRACTICE BORROWING BRAIN BUSINESS SCHOOL BUYERS CALCULATION CHILDHOOD COGNITION COGNITIVE PSYCHOLOGY COMPETENCE COMPLEXITY COMPOUND INTEREST CONCEPTUAL FRAMEWORK CONSUMER CONSUMER BEHAVIOR CONSUMER CREDIT CONSUMERS CONTRIBUTION CONTROL GROUPS DATA COLLECTION DECISION MAKING DECISION-MAKING DEVELOPMENT POLICY DISCUSSION DISCUSSIONS DOMAINS ECONOMICS LITERATURE EDUCATIONAL THEORY EMPLOYEE SAVING EXPECTED UTILITY EXPECTED VALUE EXPERIENTIAL LEARNING EXPERIMENTAL ECONOMICS EXPERIMENTATION FEMALE EDUCATION FINANCIAL BEHAVIOR FINANCIAL BEHAVIORS FINANCIAL CONCEPTS FINANCIAL DECISION FINANCIAL EDUCATION FINANCIAL EDUCATION CURRICULUM FINANCIAL EDUCATION PROGRAM FINANCIAL EDUCATION PROGRAMS FINANCIAL KNOWLEDGE FINANCIAL LITERACY FINANCIAL LITERACY EDUCATION FINANCIAL OUTCOMES FINANCIAL SERVICES FINANCIAL SUPPORT FORMAL EDUCATION FUTURE RESEARCH GENDER GROSS REVENUES HEURISTICS IDEAS INCOME INCOME LEVEL INCOME LEVELS INDEBTEDNESS INFERENCE INFORMATION PROCESSING INSIGHTS INTEREST RATE INTEREST RATES INTUITION KNOWLEDGE TRANSMISSION LABOR MARKET LACK OF INTEREST LEARNING LEARNING APPROACH LEARNING EFFECT LEARNING METHODS LEARNING STYLES LEARNING THEORIES LIQUIDITY LOAN LOAN PRODUCTS LOGICAL THINKING LOTTERIES LOTTERY LOWER INCOME MATH MEMORY MONTHLY PAYMENT ORGANIZATIONAL PRACTICES PATERNALISM PERCEPTION PERSONALITY PLAYING POLITICAL ECONOMY PROBABILITIES PROBABILITY PROVISION OF INFORMATION PSYCHOLOGY PUBLIC ECONOMICS PURCHASES REGRESSION ANALYSIS RESEARCH ASSISTANCE RISK AVERSE RISK-AVERSE INDIVIDUALS RULES OF THUMB SAVINGS SUM OF MONEY THINKING UTILITY MAXIMIZATION WEALTH
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World Bank Group, Washington, DC
Africa | South Africa
2015-02-13T18:58:46Z | 2015-02-13T18:58:46Z | 2015-02

This paper tests experiential learning as a debiasing tool against gambling and lottery behavior in South Africa. The study implemented a simple, interactive dice game that simulates worsening winning odds of rolling sixes as more dice are added to the game. The analysis exploits two levels of exogenous variation, first from random assignment into the debiasing game, and second from the number of rolls it takes to obtain the sixes. Treated individuals who needed above-median number of rolls to obtain simultaneous sixes are significantly less likely than the control group to gamble or play the lottery in the following year. The converse is true for individuals who needed below-median number of rolls, suggesting a perverse treatment effect among this group. The analysis also finds suggestive evidence that the debiasing affected the sensitivity to varying winning odds. Changes in entertainment utility or risk preferences cannot explain these findings, rather the results are consistent with changes in risk beliefs.

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