Abstract: What makes people shy away from risk, risk aversion or regret aversion? The current empirical evidence is mixed. Based on the domain-specific perspective, this paper pointed out that not all risks are created equal, whether decision makers are risk aversion or regret aversion is domain-specific. To test this hypothesis, we conducted this study in Macau, the largest casino city in the world. A total of 370 Macau adult residents with gambling experience completed a questionnaire survey dealing with thirteen types of gambling. The results showed that the negative effects of risk perception and anticipated regret on gambling behavior were domain-specific. Participants have not shown themselves to be consistently risk averse or regret averse across different gambling types. In the first category domain which included Baccarat and Greyhound Racing, both risk aversion and regret aversion worked together to lower participants’ gambling frequency. In the second domain of Roulette and Stud Poker, it was risk aversion that was responsible for participants’ unwillingness to bet. In the third domain which included Mahjong and Paikao, it was regret aversion that was responsible for the lower gambling frequency. In the fourth domain of Fantan, Cussec, Horse Racing, Chinese Lottery, Football Lottery, Blackjack, Slot Machines, neither risk aversion nor regret aversion was responsible for participants’ unwillingness to bet. Our findings indicated that neither risk aversion nor regret aversion can uniquely explain an individual’s risk-taking behavior consistently. Instead, which factor plays a greater role in lowering gambling frequency—regret aversion, risk aversion, or both—is itself dependent on the type of gambling involved. These findings could be useful for the further understanding of individual’s risk-taking behavior. Practical applications for problem gambling prevention and advertising appeal were given by providing a basis for understanding the role that cognitive and emotional factors play in different types of gambling.

Key words: risk aversion, regret aversion, gambling behavior, gambling type, domain-specific

摘要： 是风险规避还是后悔规避左右人们的冒险行为？基于风险行为跨领域特殊性，本研究假设：决策者是规避风险还是规避后悔具有领域特异性。本研究选取有涉赌经验的澳门居民为样本，以其参与13种博彩的次数为指标考察其真实风险行为。结果验证了上述假设，风险规避说或后悔规避说都不能单独解释个体的风险倾向，个体是风险规避、后悔规避，或二者皆有，取决于其所处的具体风险情境类别。该发现有助于加深对风险行为特征的认识，亦可为预防及应对问题赌博提供启发和指导。

关键词: 风险规避, 后悔规避, 博彩行为, 博彩类别, 领域特异性