Using the expectancy theory, this study investigated the effects of risk taking tendency and near miss experience on gambling behavior, and the change in irrational gambling belief after near miss experience. Totally, 459 male university students in their 20’s were surveyed. Among those who agreed to participate, 28 students were selected for the high risk-taking tendency group(M+1SD) and 28 students for the low risk tendency group(M-1SD). A 2(low risk taking tendency, high risk taking tendency) x 2(near miss, full miss) design was planned for the subjects. Furthermore, a slot machine program was developed to measure their gambling behavior through total number of games and the total amount of money wagered. In order to investigate changes, the researcher compared the irrational gambling beliefs of the participants, measured before and after the near miss experience on the slot machine. Analysis revealed that in the high risk taking tendency group, the total amount of money wagered was significantly high in cases of near miss as compared to full miss. However, in the group of low risk taking tendency group, there were no significant differences based on near miss or full miss. Also, the irrational gambling belief appeared significantly high in cases of near miss in the high risk taking tendency group, as compared to full miss. However, with lower risk taking tendency, there was no difference in irrational gambling belief according to near miss. This study is meaningful as we believe it is the first experimental study to explain gambling behaviors using the expectancy theory. Furthermore, risk taking tendency and near miss may influence gambling behavior through irrational gambling beliefs as a mediator.
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