Involuntary Responses to Laboratory and Low Stakes Lotteries Christopher Azevedo University of Central Missouri Rebecca Blaise University of Central Missouri Mihaela Craioveanu University of Central Missouri Jessica Den Dekker University of Central Missouri David Johnson University of Central Missouri March 12, 2022 Abstract We explore physiological responses to lotteries using an experiment. In the experiment, subjects participated in a lottery while having their heart rate and skin conductivity recorded. There are two treatments. In the first, the lottery increased or decreased subjects’ earnings by one dollar. In the second, the lottery increased or decreased subjects’ earnings by nine dollars. Subjects’ heart rate changed significantly (relative to their experimental average) in the High Stakes treatment after they were told there would be a lottery and after they were told the lottery’s outcome. Subjects’ skin conductivity increased significantly in all treatments once they were told there would be a lottery but the effect was larger in the High Stakes treatment. Being told the outcome of the lottery reduced skin conductivity in both treatments but the effects were not statistically different. Our results are compatible with studies showing only small differences across experiments using laboratory and low/online stakes. Key Words: Experiment; Lottery; Physiological Responses JEL Code: C91; D89; C81 Department of Economics and Finance, University of Central Missouri, Warrensburg, MO, USA, 64093; cazevedo@ucmo.edu; phone (660) 543-4219. rebecca.blaise@yahoo.com Department of Economics and Finance, University of Central Missouri, Warrensburg, MO, USA, 64093; craioveanu@ucmo.edu; phone (660) 543-8353. jessid.12@hotmail.com Department of Economics and Finance, University of Central Missouri, Warrensburg, MO, USA, 64093; djohnson@ucmo.edu; phone 336-639-2190. Corresponding author. 1