The effect of paper outcomes versus realized outcomes on subsequent risk-taking: Field evidence from casino gambling
利用真实赌场数据，研究发现赌客在赌场内（纸面结果）的损失或收益会增加后续风险承担，而离开赌场后（已实现结果）的大额损失则会减少风险承担，为“实现效应”提供了实地验证。
We test the realization effect, i.e., that risk-taking is greater after paper outcomes than after realized outcomes, using gambling data from a real casino. During a particular casino visit, customers likely perceive that gains and losses are paper outcomes, whereas leaving the casino realizes the final account balance. Using individual-level slot machine gambling records, we find that risk-taking after both paper losses and paper gains increases within a visit and that this effect is more pronounced for larger outcomes. Conversely, realized losses from earlier visits significantly decrease risk-taking if losses are comparatively large, whereas comparatively small realized losses and realized gains do not alter risk-taking. These results provide important field validation of the realization effect in an environment with positively skewed lotteries.