Quotes & Sayings About Paying Bets

Right before I decided to come out, I went on a spiritual retreat called 'Changing the Inner Dialogue of Your Subconscious Mind.' I'd never been to anything like it before, and all my friends were taking bets on how long I'd last with no TV, no radio, no phone. But for me that was the beginning of paying attention to all the little things. — Ellen DeGeneres

Now, it has been independently shown that people hate to lose something more than they enjoy gaining it. For example, they don't mind paying for something with a credit card even when told there is a discount for cash, but they hate paying the same amount if they are told there is a surcharge for using credit. As a result, people will often refuse to gamble for an expected profit (they turn down bets such as "Heads, you win $120; tails, you pay $100), but they will gamble to avoid an expected loss (such as "Heads, you no longer owe $120; tails, you now owe an additional $100"). (This kind of behavior drives economists crazy, but is avidly studied by investment firms hoping to turn it to their advantage.) The combination of people's loss aversion with the effects of framing explains the paradoxical result: the "gain" metaphor made the doctors risk-averse; the "loss" metaphor made them gamblers. — Steven Pinker