house money effect
- 2008-04-29 23:41:26
- mlzy
- 原创 9216
—"The Psycho Path," Investment Week, March 17, 2003
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—Dirk Olin, "Prospect Theory," The New York Times, June 8, 2003
One experiment gave 10 students $ 30 each and offered them the chance of doing nothing or flipping a coin to win or lose $ 9. Seven opted to take the gamble. Another set of students was given no money and offered the chance of $ 30 for certain, or a coin flip which gave $ 39 on heads and $ 21 on tails. Only 43 per cent went for the flip, even though the range and prospect of the possible outcomes was the same.
This is described as the
"house money" effect: people who have money in their pockets will choose the gamble; those who start with empty pockets will reject it.
—"A winning way with odds and evens,"
Financial Times, November 21, 1996
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