Windfall gains and house money: The effects of endowment history and prior outcomes on risky decision–making
首次区分了意外之财（如实验中的出场费）与赌场资金效应（风险活动获利后的风险偏好变化），发现意外之财普遍提高风险容忍度，而赌场资金效应仅在特定条件下出现。
Abstract In a seminal contribution, Thaler and Johnson (1990) detected the existence of a house money effect which is defined as an increase in risk tolerance after previous gains resulting from a risky activity. Subsequent studies used the term house money effect also in case of windfall gains, i.e., easily acquired money like show-up fees or initial endowments in experiments which does not result from a risky investment. The present study is to the best of our knowledge the first that disentangles the house money effect and windfall gains. We find a clear and systematic pattern that windfall gains increase risk tolerance. In contrast, the house money effect is far less ubiquitous and seems to require skewed lotteries and/or a large number of rounds played. We, therefore, conclude that a careful distinction between windfall gains and the house money effect is warranted in future research.