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- W3040391505 abstract "Abstract Managing risk is an integral part of life. Whereas risk-taking is sometimes construed as only “bad” (e.g., drug use) or “good” (e.g., investing), the present research focuses on “optimal risk-taking.” In economic settings, optimal risk on an exceedingly large number of repeated wagers can be computed using Kelly’s Formula (Kelly, 1956). We tested whether individual differences in cognitive abilities (fluid intelligence and working memory) and emotion-related traits (behavioral inhibition and behavioral activation system sensitivity) predict learning to take optimal risks in an investment paradigm. Participants first completed a Learning Phase in which they received explicit feedback on what the optimal wager was for each of a series of gambling opportunities. Next, they completed a Test Phase where they were asked to transfer the information from the Learning Phase to predict the optimal wager on a new set of gambling opportunities (not taught during the Learning Phase). Last, with this second set of gambling opportunities, they were asked to manage a bankroll and place wagers in a Gambling Phase. During the Learning Phase, we found that participants with greater cognitive resources (fluid intelligence and working memory) and behavioral activation system (BAS) strength learned faster. During the Test Phase, participants generally struggled to transfer this learning to novel (unlearned) opportunities and often assumed too little risk. Those with higher working memory capacities showed the best transfer of learning. During the Gambling Phase, we found that those high in BAS were less prone to the error of assuming too little risk when managing a bankroll. Thus, cognitive resources and BAS appear to be important predictors for who is best able to both learn and utilize optimal risk taking." @default.
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- W3040391505 date "2020-08-01" @default.
- W3040391505 modified "2023-09-26" @default.
- W3040391505 title "The role of individual differences in risk learning: Who learns to place optimal wagers?" @default.
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- W3040391505 doi "https://doi.org/10.1016/j.lmot.2020.101633" @default.
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