Is 'Lady Luck' Bad For Your Mental Health?

By XTRM™ | Cryptopia | 23 Jun 2021

XTRM PR - (23rd June, 2021) - CHICAGO, USA - A new study has been published in the 'Journal of the Association for Consumer Research' posts that increased accessibility to anthropomorphized luck, good old "lady luck" can in some instances lead consumers to be much more adventurous and almost certain to pursue higher-risk financial behavior, studies by the academics have found. 


In "Lady Luck: Anthropomorphized Luck Creates Perceptions of Risk-Sharing and Drives Pursuit of Risky Alternatives," combined authors of the journal report - Katina Kulow, Thomas Kramer, and Kara Bentley - have proposed that these preferences for higher-risk options, such as lottery tickets with terrible odds or investment opportunities with a low chance of any successful returns, we're seen to be driven by 'shared risk perceptions' that might encourage and engage feelings of security and freedom of will, provided by the idea of that mysterious force "lady luck."

This behavior, the co-authors found and wrote, noted "bodes ill for consumer welfare, given that many 'financial maladaptive activities' do actually arise from these repeated behaviors."


In the four experiments performed, the co-authors conducted 'regression and spotlight analyses' on all the data from studies involving both MTurk panelists, and undergraduate students who completed online studies that involved financial risk decisions such as via a lottery or startup investments, along with various 'risk perceptions' integrated.

While the co-authors had found some increased preferences for higher-risk alternatives when the studied consumers 'anthropomorphize luck' for a particular financial decision, or decisions, when given the opportunity to take a gamble on social versus financial capital.

The participants had indicated that consumers might well perceive that they have a level of, or, more control over the outcomes and feel a certain amount or much less stress or in need of any security provided by a specific anthropomorphized entity.

The results of the studies do hold public policy implications, and maybe influence new laws - such as whether marketers should, or may be required to qualify references to anthropomorphized luck, particularly when consumers may be vulnerable to taking undue financial risks, such as in gambling establishments like casinos and online gaming. Also the growing Cryptocurrency Gaming World. 

For example, the research suggests that banners, graphics on gaming displays and tables, and suggesting signage within a casino claiming coersive suggestion stions such as, 'Lady Luck is on Your Side' could actually encourage and lead gamblers to engage in very much higher-risk behaviors than such statements that signage merely suggest that "Luck is on Your Side" or "Good Luck."

Fascinatingly the study found that limiting the use of "lady luck" on lottery scratch-off tickets for instance, per experiment, could prevent devastating financial losses among lower socioeconomic status consumers, almost certainly curbing and risky desires implanted by erroneous advertising.

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