Intelligence, conscientiousness and extraversion moderate the house money effect in real-life financial decision-making

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dc.contributor.authorPalomäki, Jussi
dc.contributor.authorLaakasuo, Michael
dc.contributor.authorCastren, Sari
dc.contributor.authorKainulainen, Tuomo
dc.contributor.authorSaastamoinen, Jani
dc.contributor.authorSuhonen, Niko
dc.contributor.organizationfi=psykologia|en=Psychology|
dc.contributor.organizationfi=sosiaalitieteiden laitos|en=Department of Social Research|
dc.contributor.organization-code1.2.246.10.2458963.20.93126700728
dc.contributor.organization-code2603103
dc.converis.publication-id505085050
dc.converis.urlhttps://research.utu.fi/converis/portal/Publication/505085050
dc.date.accessioned2026-01-21T15:03:23Z
dc.date.available2026-01-21T15:03:23Z
dc.description.abstract<p>Cognitive biases strongly influence risky decisions with payoffs. Financial risk-taking tends to increase following prior gains, as if gambling with “house money”. Intelligence and personality also influence risk preferences, but the extent to which they moderate susceptibility to cognitive biases is not understood. We evaluated the house money effect and its moderators by combining data from an online horse betting dataset, comprehensive administrative population registry, and intelligence and personality trait measures (N = 11,220). Gains on the previous betting day were associated with increased betting amounts on the following betting day and shorter time between two consequent sessions. This effect was stronger among individuals with higher extraversion, lower conscientiousness, and lower IQ. Intelligence and personality have tangible monetary implications in real-life risky choices.<br></p>
dc.identifier.eissn1095-7251
dc.identifier.jour-issn0092-6566
dc.identifier.olddbid214045
dc.identifier.oldhandle10024/197063
dc.identifier.urihttps://www.utupub.fi/handle/11111/56318
dc.identifier.urlhttps://doi.org/10.1016/j.jrp.2025.104669
dc.identifier.urnURN:NBN:fi-fe202601216441
dc.language.isoen
dc.okm.affiliatedauthorLaakasuo, Michael
dc.okm.affiliatedauthorCastren, Sari
dc.okm.discipline5141 Sociologyen_GB
dc.okm.discipline5141 Sosiologiafi_FI
dc.okm.internationalcopublicationnot an international co-publication
dc.okm.internationalityInternational publication
dc.okm.typeA1 ScientificArticle
dc.publisherElsevier
dc.publisher.countryUnited Statesen_GB
dc.publisher.countryYhdysvallat (USA)fi_FI
dc.publisher.country-codeUS
dc.relation.articlenumber104669
dc.relation.doi10.1016/j.jrp.2025.104669
dc.relation.ispartofjournalJournal of Research in Personality
dc.relation.volume119
dc.source.identifierhttps://www.utupub.fi/handle/10024/197063
dc.titleIntelligence, conscientiousness and extraversion moderate the house money effect in real-life financial decision-making
dc.year.issued2025

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