(NEW YORK) — Betting on the NCAA basketball tournament is about as American as apple pie. Although unlike the desert, it might leave a bad taste in your mouth.
Stephen M. Nowlis, a marketing professor at Washington University’s Olin Business School, says that those who enter office pools or make bets online might be cheating themselves out of enjoying March Madness.
Contrary to popular belief, the act of prediction seems to lessen enjoyment. Nowlis conducted four experiments to prove that point and they all came out the same: those who try to predict the outcome of games have less fun than people who don’t.
He goes on to add, “We explain our results in terms of anticipated regret. In fact, removing the source of anticipated regret eliminates the negative effect of prediction on enjoyment.”
Of course, the person who wins the office pool probably won’t agree with that thesis.
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