It was hypothesized that subjects would show greater restraint in risk-taking behavior when forced to wager after the outcome-determining physical event as compared with subjects who wagered in the normal (before the event) sequence. It was also expected that subjects defined as internally controlled would take greater risks than those defined as externally controlled. The former hypothesis was supported, as was the latter under the normal betting sequence. The findings were discussed in the context of Cohen’s (1960) consideration of the preference for chance vs. skill in risk-taking contexts and in relation to the importance of the ages of the subjects used in risk-taking studies.
Strickland, L. H., Lewicki, R. J., & Katz, A. M. (1966). Temporal orientation and perceived control as determinants of risk-taking. Journal of experimental social psychology, 2(2), 143-151.