Let's Gamble: Uncovering the Impact of Visualization on Risk Perception and Decision-Making

Abstract: Data visualizations are standard tools for assessing and communicating risks. However, it is not always clear which designs are optimal or how encoding choices might influence risk perception and decision-making. In this paper, we report the findings of a large-scale gambling game that immersed participants in an environment where their actions impacted their bonuses. Participants chose to either enter a draw or receive guaranteed monetary gains based on five common visualization designs. By measuring risk perception and observing decision-making, we showed that icon arrays tended to elicit economically sound behavior. We also found that people were more likely to gamble when presented area proportioned triangle and circle designs. Using our results, we model risk perception and decisions for each visualization and provide a ranking to improve visualization selection.