Iowa gambling experiment. The original Iowa Gambling Task studies decision making using a cards. The participant needs to choose one out of four card decks (named A,B,C, and D). The participant can win or loose money with each card. The task was designed by Bechera and colleagues, 1994. The Iowa gambling task (IGT) is a psychological task thought to simulate real-life decision making. It was introduced by Antoine Bechara, Antonio Damasio, Hanna Damasio and Steven Anderson, then researchers at the University of Iowa.

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For most purposes, the six and eight deck shoes dealt at most blackjack tables might as well be infinite. To simplify the math, say that in a year, you take $5 in insurance 1300 times. If the cards are distributed statistically, you'd win 400 of these bets, raking in 400 x $10 = $4000. But you'd lose 900 bets, giving up 900 x $5 = $4500. There is only one scenario when a blackjack player should even consider taking insurance. If you also hold a blackjack, you might want to insure your own blackjack to guarantee a positive return. Blackjacks are paid at 3-2 and they don’t come around that often. Should i take insurance in blackjack. You will win an insurance bet if the dealer’s second card is a ten or a picture card, thus giving him a blackjack. If it is any other card you will lose the bet. It pays out at odds of 2:1.

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