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.