| Previous research suggests that consumers confronted with a risky situation (i.e., when the probability and value of outcomes can be accurately estimated) solely rely on cognitive factors to make a choice. In this sense, rationality drives the choice and emotional factors are ignored. Additional research holds that consumers confronted with an uncertain situation (i.e., when the probability and value of outcomes cannot be accurately estimated) rely on more than cognitive factors to make a choice. In this sense, irrational decision making is invoked and emotional factors contribute to the choice made. In the context of gambling on horse racing, this dissertation seeks to validate the claim that consumers confronted with an uncertain outcome rely on emotional and cognitive factors, simultaneously, to make a choice. To assess this dual process, a model is developed that relates cognitive factors---external locus of control regarding luck, chance, and/or fate and personal expertise---and emotional factors---anticipated regret and anticipated elation---to willingness to bet on long shots. Using bettors from a southwestern race track, the results show that (1) emotional factors complement cognitive factors for choices made in uncertain contexts, and (2) relative to anticipated negative emotions, anticipated positive emotions have a stronger influence on decisions made under uncertainty. Theoretical and practical implications, as well as limitations and future research directions, are discussed. |
