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Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice
Open accessAbstract
How is risk-taking affected by prior gains and losses? While normative theory implores decision makers to only consider incremental outcomes, real decision makers are influenced by prior outcomes. We first consider how prior outcomes are combined with the potential payoffs offered by current choices. We propose an editing rule to describe how decision makers frame such problems. We also present data from real money experiments supporting a “house money effect” (increased risk seeking in the presence of a prior gain) and “break-even effects” (in the presence of prior losses, outcomes which offer a chance to break even are especially attractive).
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Cited by
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Myopic Loss Aversion and the Equity Premium Puzzle
Benartzi, S., & Thaler, R. H. (1995) · The Quarterly Journal of Economics · doi:10.2307/2118511 · Cited by 2,487
Self-citationReconceptualizing the Determinants of Risk Behavior
Sitkin, S. B., & Pablo, A. L. (1992) · The Academy of Management Review · doi:10.2307/258646 · Cited by 2,057
Prospect Theory and Asset Prices
Barberis, N., Huang, M., & Santos, T. (2001) · The Quarterly Journal of Economics · doi:10.1162/003355301556310 · Cited by 1,895
The impact of sleep deprivation on decision making: A review.
Harrison, Y., & Horne, J. A. (2000) · Journal of Experimental Psychology: Applied · doi:10.1037/1076-898x.6.3.236 · Cited by 1,238
Metadata
- Authors
- Thaler, R. H., & Johnson, E. J.
- Venue
- Management Science
- Published
- 1990-06
- Volume
- 36
- Issue
- 6
- Pages
- 643-660
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W2061371720
- Cited by
- 2,374
- References
- 0
- FWCI
- 7.90
- Type
- journal article
- Language
- en
- Open access
- green
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- Thaler, R. H., & Johnson, E. J. (1990). Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice. Management Science. https://doi.org/10.1287/mnsc.36.6.643
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