OSU study reveals ways to identify, connect with gamblers, stock investors
Monday, September 27, 2010
Individuals who participate in gambling and individuals who invest in the stock market
share five trait characteristics and differ on three traits, according to a study
conducted by researchers in the Spears School of Business at Oklahoma State University.
The study, published in The Journal of Behavioral Finance, was conducted by OSU Regents
professor of marketing John Mowen and OSU professor emeritus of finance Janice Jadlow.
The researchers found that both gamblers and stock market investors tend to be materialistic,
competitive, superstitious, number-oriented and more willing to take financial risks.
However, in comparison to gamblers, stock investors are more future focused and emotionally
stable. Finally, the researchers found a significant relationship between impulsiveness
and gambling, while no such relationship was found with stock investing.
“Gambling and investing in the stock market share some commonalities,” Mowen said.
“There are critical differences, however, such as stock investors having a greater
focus on the future.”
The researchers employed survey data and a hierarchical model of motivation and personality
for organizing the trait predictors of gambling and stock market involvement. The
model used in the study was developed by Mowen to account for how personality traits
interact with the situation to influence consumer attitudes, beliefs and actions.
The model is called the 3M Model, which stands for ‘Meta-theoretic Model of Motivation.’
Mowen and Jadlow identified several practical implications for the study findings,
including using the information to develop communication strategies should be used
to influence each group’s propensity to invest and/or to gamble.
“By identifying the traits of gamblers and investors, it is possible to develop persuasive
messages. For example, messages designed to decrease impulsive behavior may impede
gambling,” Mowen said. “Of course, if you’re at a casino, you’re going to be trying
to increase the tendency to gamble and can use this information to help with that.”
In addition to this study, Mowen has previously used the 3M Model in more than 25
scholarly articles comparing characteristics of individuals who participate in other
in activities, such as aggressive driving, distracted driving, cosmetic surgery, tattooing,
volunteering, adventure traveling, superstitious behaviors and others.
For more information about this research, contact Mowen at 405-744-5112 or john.mowen@okstate.edu.