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Is he actually arguing that "house money" is different from "your money" or is he just reusing existing terminology? IIRC, the idea of "house money" was invente
by tomp 9y ago
Is he actually arguing that "house money" is different from "your money" or is he just reusing existing terminology? IIRC, the idea of "house money" was invented by earlier researchers who tried to explain why people would bet more after winning. Obviously "keeping score of your wealth" explains the effect just as well as "playing with house money".
- apo 9y agoI'm using the definition of house in wide use: the profits you make on gambling or a trade. See: https://www.quora.com/What-does-Im-playing-with-house-money-mean https://www.quora.com/What-does-Im-playing-with-house-money-... The idea that one should factor the origin of the money put into a bet is ridiculous. It's your money either way. > IIRC, the idea of "house money" was invented by earlier researchers who tried to explain why people would bet more after winning. These guys, I think: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1424076 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1424076