An experimental examination of the house money effect in a multi-period setting
通过实验比较不同现金 endowment 水平下的市场结果，检验了赌场资金效应在动态金融环境中的存在性，发现 endowment 金额影响交易者出价、价格预测和市场价。
Abstract There is evidence that risk-taking behavior is influenced by prior monetary gains and losses. When endowed with house money, people become more risk taking. This paper is the first to report a house money effect in a dynamic, financial setting. Using an experimental method, we compare market outcomes across sessions that differ in the level of cash endowment (low and high). Our experimental results provide support for a house money effect. Traders’ bids, price predictions, and market prices are influenced by the amount of money that is provided prior to trading. However, dynamic behavior is difficult to interpret due to conflicting influences.