Search Results (13)

Background: In psychiatry, gambling is classified as an addiction-related disorder and is characterized by a persistent, problematic pattern of behaviour that leads to significant distress and functional impairment. This study aims to explore the prevalence, underlying motivations, and potential academic impact of gambling behaviours among medical students in Poland. Methods: An anonymous online survey was conducted among students from multiple medical universities across Poland. Participants completed a sociodemographic questionnaire and the South Oaks Gambling Screen (SOGS). Respondents who reported any past or current gambling activity were additionally asked about their motivations and potential academic consequences. Results: The study included 281 participants. Active or past gambling was reported by 55% of respondents, with men significantly more likely to gamble currently. Women were predominantly non-problem gamblers, whereas men more often scored within the “some problems” range on the SOGS. Motivations also differed: women emphasised financial gain, while men cited fun, socializing, and competition. Lottery and scratch cards were most popular overall, though men preferred skill-based and casino activities. Conclusions: Although participants showed relatively low levels of gambling involvement, their risk of developing pathological gambling was comparable to that of the general population. Gender influenced involvement in different gambling patterns. Full article

Economic inequality has been linked to changes in individual risk-taking behavior, yet the underlying mechanisms remain underexplored. In this study, I examine whether feelings of relative deprivation from upward social comparisons influence risk preferences. In the randomized experiments, participants were exposed to false information feedback designed to evoke feelings of relative deprivation, and their risk aversion was assessed through hypothetical and incentivized gambles. The results indicate that exposure to relative deprivation reduced risk aversion among men in incentivized lottery experiments, while it had no significant association with risk aversion for either gender in hypothetical gambles. Additionally, relative deprivation lowered perceived social standing and increased anxiety and concerns about personal deservingness—emotional outcomes commonly associated with experiences of relative deprivation. This study provides suggestive evidence that social comparison may influence risk preferences among men through emotional changes and offers insights into how societal inequality affects individual preferences. These findings have important implications for policy interventions aimed at addressing economic disparities and their behavioral consequences. Full article

Background: Vaccine hesitancy represents a significant global health challenge that greatly hinders public health efforts focused on managing the transmission of infectious diseases. A wealth of original research conducted worldwide has examined various incentives that could help alleviate vaccine hesitancy and increase vaccination rates. Although some findings are conflicting, no comprehensive review has yet assessed the overall effectiveness of these strategies. This study aims to bridge this knowledge gap by examining how financial incentives influence people’s willingness to undergo vaccination. Methods: In August 2024, we extensively searched four databases for studies focusing on financial incentives and vaccination rates. Examples of financial incentives included lottery tickets and hypothetical or physical monetary rewards ranging in various amounts depending on the study. We selected nineteen relevant articles from a larger pool and evaluated them for validity and bias. Results: Around eighty percent of the research focused on COVID-19 vaccines, driven by the ongoing pandemic and the debates surrounding their use. Most of the studies indicated a positive influence of financial incentives on vaccination rates, although they often came with a higher risk of bias. Conversely, several studies suggest that financial incentives do not result in benefits. Instead, they highlight other factors that have a more profound effect on influencing people to undergo vaccination. The remaining studies are inconclusive regarding the effectiveness of financial incentives, concluding the need for further research. The strategies to mitigate these concerns included a combination of legal and monetary incentives. Summary: The effectiveness of financial incentives in boosting vaccination rates seems to differ significantly based on the region and context. They tend to be more effective in economically disadvantaged developing countries. In contrast, in developed nations, they may be ineffective or counterproductive due to various confounding factors such as financial background, lack of trust in the healthcare system, and/or lack of patient education. In resource-rich areas, educational programs often yield better results, and addressing widespread mistrust in healthcare systems and governmental policies through transparency is essential. Ultimately, employing tailored incentives alongside public education could enhance vaccination acceptance, particularly in culturally diverse countries like the United States, where understanding community preferences is crucial. Full article

Financial decision making requires a sound handling of chance events. However, various studies have suggested that people are prone to illusion of control, i.e., the belief that prospects of a chancy event are better if they are involved in the randomisation process. This paper reports results from an experiment ($N=420$) suggesting that psychological characteristics moderate risk-taking behaviour under such circumstances. For example, we find that subjects high in sensation seeking buy more tickets of a risky lottery if they determine the winning numbers themselves and the random event lies in the future. The findings suggest that “illusion of control” effects are at least partly driven by underlying (idiosyncratic) emotions/preferences rather than an actual belief in control. Regarding applications, the results emphasise the importance of individual characteristics for the behaviour of decision makers in a financial context. Full article

Increasing the agricultural technical efficiency is crucial to poverty reduction for smallholder farmers in developing countries. This study attempts to examine the impact of farmers’ lottery participation on technical efficiency from the perspective of the farmers’ revealed risk preferences, and to explore the influence mechanism between lottery participation and technical efficiency, based on the primary data collected from banana farmers in rural China. We used data envelopment analysis (DEA) to measure the combined technical efficiency of the farmers and constructed an endogenous switching regressions (ESR) model to analyse the impact of lottery participation on the technical efficiency of banana farms. A quantile regression model was used to analyse the heterogeneous effects under the different levels of the farmers’ technical efficiency. Then, a mediation model was employed to clarify the influence mechanism of lottery participation on technical efficiency in terms of two pathways: the adoption of biopesticide and the soil improvement technique. The empirical results show that farmers’ lottery participation revealed their risk preferences and several factors affected banana farmers’ participation in the lottery. Specifically, male farmers are more likely to participated in the lottery than female; farmers’ working hours negatively affected their lottery participation; and the use of a smartphone significantly increased the likelihood of farmers buying lottery tickets. We also found that farmers who participate in the lottery have higher technical efficiency in banana production, and the average treatment effect of lottery participation on the technical efficiency was 21.5%, indicating that the farmers with revealed risk preferences can significantly promote technical efficiency. The effect of risk preferences on economic performance is more significant for farmers at the middle technical efficiency level. The explanation is that the adoption of new technologies (e.g., biopesticides) played a mediating effect between farmers’ lottery participation and their technical efficiency. New technologies are more likely to be adopted by farmers who participate in the lottery, resulting in higher technical efficiency. Therefore, policymakers and stakeholders can better design technology extension programs according to the different attitudes of the target farmers towards risks in developing regions. Full article

Culture is an important factor that affects the investment behavior of enterprises, while gambling culture to a certain extent reflects people’s risk-taking spirit or speculative preferences. Taking Chinese A-share listed companies from 2008 to 2020 as a sample, we ran industry and year effect regressions to test the impact of gambling culture on corporate financialization from the perspective of speculative culture. Gambling culture is measured by regional per capita lottery consumption. The results show that a gambling culture plays a significant role in promoting the share of financial assets held by local enterprises. Economically speaking, every CNY 1000 increase in per capita lottery sales will lead to a 3% increase in the share of financial assets held by local enterprises. It is verified that a gambling culture affects corporate financial asset investment by enhancing management’s overconfidence level. In addition, by subdividing financial assets, we find that a gambling culture mainly increases holdings of profit-driven financial assets. Heterogeneity tests show that economic policy uncertainty, corporate performance pressure, and attribution of corporate property rights play a moderating role in the relationship between gambling culture and corporate financial asset investment. The conclusions of this paper help enrich the study of the economic consequences of gambling culture for micro-enterprises and broaden the understanding of financialization from a cultural perspective. Full article

Although an individual’s mix of MHC immune genes determines its resistance, finding MHC-dependent mate choice occurred by accident in inbred mice. Inbred mice prefer MHC dissimilar mates, even when the choice was restricted to urine. It took decades to find the info-chemicals, which have to be as polymorphic as the MHC. Microbiota were suggested repeatedly as the origin of the odor signal though germ-free mice maintained normal preference. Different versions of the ‘carrier hypothesis’ suggested MHC molecules carry volatiles after the bound peptide is released. Theory predicted an optimal individual MHC diversity to maximize resistance. The optimally complementary mate should be and is preferred as several studies show. Thus, the odor signal needs to transmit the exact information of the sender’s MHC alleles, as do MHC ligand peptides but not microbiota. The ‘MHC peptide hypothesis’ assumes that olfactory perception of the peptide ligand provides information about the MHC protein in a key-lock fashion. Olfactory neurons react only to the anchors of synthesized MHC peptides, which reflect the binding MHC molecule’s identity. Synthesized peptides supplemented to a male’s signal affect choice in the predicted way, however, not when anchors are mutated. Also, the human brain detects smelled synthesized self-peptides as such. After mate choice, the lottery of meiosis of randomly paired oocyte and sperm haplotypes would often produce MHC non-optimal offspring. In sticklebacks, eggs select MHC-compatible sperm, thus prefer the best combination close to the population optimum. Full article

This paper assesses the effects of investors’ lottery-seeking behavior on expected returns in the Norwegian equity market, a relatively small equity market dominated by the energy industry. We use the MAX factor defined as maximum daily return over the previous month as the proxy of investors’ preference for lottery-like stocks. Despite evidence from recent literature that MAX has a negative relationship with the expected returns in other developed European markets, we find that the relationship is generally insignificant in Norway; however, it becomes more nuanced when we control for the state of the oil market. The dominance of firms related to the oil industry, which have experienced tremendous growth over the last couple of decades, masks the effect to a large extent. Conditional regressions show that the MAX effect is only significant in the Norwegian stock market when the oil market is in the bearish state. Full article

Energy-related investments gain increasing attention nowadays, particularly in Poland due to clean-energy investment needed to limit greenhouse gas emissions (GHG) and counteract climate change. However, economic appraisal is problematic: the longevity of impacts inextricably involves intergenerational ethical considerations. A crucial parameter is the choice of a discount rate. The predominant approach to estimate the discount rate in EU countries is the Ramsey rule, based on macroeconomic data, but not referring directly to society’s preferences. Those are considered by studies using surveys to elicit individual discount rates (IDR), but rarely concentrating on intergenerational time frame. The paper aims at delivering an insight into the intergenerational intertemporal preferences for Poland (households, n = 471) focusing on whether respondents are willing to declare zero discount rate intergenerationally and whether their choices differ between the short- and long-term perspectives and between human lives and money. To elicit IDR, two hypothetical investment scenarios were designed: lifesaving programs and lottery gains with delays from 10 to 150 years accompanied by attitude and socioeconomic questions. The results indicate that IDR follows hyperbolic time-decline, and a considerable share of respondents (around 20%) are willing to treat future generations as equally important in the case of human lives, while this proportion for monetary gains is two times lower. The IDR drivers differ between lives and money in respect of socioeconomic profile and attitude characteristics as well as between intragenerational and intergenerational time frames. The findings support (a) the rationale for distinct treatment of intergenerational allocations, (b) the divergence of preferences between public and private impacts, and (c) the switch from single to declining discount rate regime in Poland. Full article

In the context of climate change, the agricultural sector offers a large number of mitigation possibilities through diverse practices, such as the reduction of pollutant inputs. However, most farmers do not adopt the mitigation practices recommended, including the reduction of nitrogen fertilization. At the same time, various uncertainties characterize agricultural production, so that the farmer’s risk and ambiguity preferences may be potential determinants to the adoption of mitigation practices. In this context, the objective of the article is to determine if the farmer’s risk and ambiguity preferences explain (or not) the fertilization decision. A questionnaire was submitted to French farmers to elicit risk and ambiguity preferences through lottery choices, and ask questions about fertilization. Two regressions were realized, the first to explain the total fertilization and the second to identify the determinants of the first fertilization application. The results reveal that respondents were mostly risk-averse and ambiguity-neutral. In addition, risk and ambiguity aversion impact fertilization practices through diverse drivers in opposite directions. Indeed, being risk-averse is associated with a lower level of total fertilization, whereas ambiguity aversion has a positive and significant impact on the level of fertilization at the first application. This last result highlights the need to reduce the uncertainty farmers face. Full article

Improving local farmers′ climate change adaptive capacity is an important policy issue in rural China. This study investigates farmers′ risk cognition, risk preferences and climate change adaptive behavior. Based on unique data from a survey and a paired lottery experiment completed by 240 rural farmers in Chongqing City of China, this paper finds that farmers have a pessimistic risk cognition towards climate change and the typical farmers are risk-averse and loss-averse. Risk cognition and adaptation cognition have significantly positive influences on climate change adaptive behavior, and loss aversion has a significantly positive influence on farmers′ adaptation decisions. Loss aversion exerts a positive impact on risk cognition and adaptation cognition, and risk aversion has a positive impact on adaptation cognition. This paper contributes to the emerging literature that relates risk preference in experiments and risk cognition to farmers′ climate change adaptive behavior. Full article

This work examines apportionment of multiplicative risks by considering three dominance orderings: first-degree stochastic dominance, Rothschild and Stiglitz’s increase in risk and downside risk increase. We use the relative nth-degree risk aversion measure and decreasing relative nth-degree risk aversion to provide conditions guaranteeing the preference for “harm disaggregation” of multiplicative risks. Further, we relate our conclusions to the preference toward bivariate lotteries, which interpret correlation-aversion, cross-prudence and cross-temperance. Full article

Individuals might have different views about the benefits and the costs of privatizing a cultural event. On the one hand, privatization may increase the quality of the event due to expanding investments. On the other hand, it may lead to the dissipation of important cultural and traditional connotations. Since benefits and costs are uncertain, we frame an individual’s choice regarding privatization as a lottery choice, where risk aversion and other individual traits play a role. We empirically investigate attendees’ preferences for privatizing a mass gathering festival in Italy. The festival is attended by almost 100,000 tourists each year. Over a three-year period, we collected a large dataset of survey questions. We find that willingness to accept privatization is decreasing in tourists’ risk aversion, while it is increasing in their sensitivity to the festival’s quality. Cultural tourists perceive a higher risk of commodification in the case of privatization. Authenticity-seeking tourists act as gatekeepers of the genuine roots of local traditions. They demand original values, ultimately contributing to the festival’s cultural sustainability. The purpose of attracting visitors is in fact commonly assumed to alter local culture, resulting in a staged authenticity; and privatization of cultural goods is often associated with commodification. Full article