More Than Money: Experienced Positive Affect Reduces Risk-Taking Behavior on a Real-World Gambling Task

Previous research indicates that when people participate in multi-trial games of chance, the results of previous trials impact subsequent wager size. For example, the “house money” and “break even” effects suggest that an individual’s risk-taking propensity increases when financially winning or losing during a gambling session. Additionally, the “mood maintenance hypothesis” and affect regulation hypothesis suggest that people in positive and negative affective states are less and more likely to gamble than when in neutral affective states, respectively. In the present study, participants completed a series of trials on three computerized slot machines with varying expected values (EV; −10, 0, +10%) of return on investment, and they were paid a percentage of their final bankrolls in real money. Although results did not support the “house money” or “break even” effects, the “mood maintenance hypothesis” was robustly supported in all EV conditions. This is some of the first evidence supporting this theory using an ecologically valid, real-money gambling task.