DOSPERT's gambling risk-taking propensity scale predicts excessive stock trading

Łukasz Markiewicz, Elke U. Weber

Research output: Contribution to journalArticlepeer-review

67 Scopus citations


Using a data set that combines trading records in a financial investment simulation with survey responses, this study provides evidence that a domain-specific variant of risk-taking propensity, namely risk taking in gambling (but not in investing) situations, predicts the volume of trades of financial investors. We find that investors' gambling risk-taking propensity, measured by the Weber, Blais, and Betz [2002], Domain-Specific-Risk-Taking (DOSPERT) gambling subscale, increases the number of trades made and hence transaction costs, as well as the extent of their day trading. The short (four-item) gambling risk-taking propensity DOSPERT subscale thus provides a useful diagnostic addition to risk attitude assessment instruments for private investors.

Original languageEnglish (US)
Pages (from-to)65-78
Number of pages14
JournalJournal of Behavioral Finance
Issue number1
StatePublished - 2013
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Experimental and Cognitive Psychology
  • Finance


  • DOSPERT scale
  • Day trading
  • Domain-specific risk taking
  • Risk attitude
  • Trading volume


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