House money effect refers to the premise¹ that people are more willing to take risks with money they obtained easily or unexpectedly.

 

“赌场赢利效应”指人们拿着易来之财或者意外之财时更愿意采取一些冒险的投资方式。

 

Investors² who have experienced a gain or profit are often willing to take more risk. Gamblers call this “playing with the house’s money.” Since they don’t yet consider the money to be their own, they are willing to take more risk with it.

 

已经有所收益的投资者通常都愿意继续冒险。赌徒们管这叫“玩赌场的钱”。因为他们还没有把刚刚赢得的钱当成自己的钱，所以愿意拿这些钱冒更多的险。

 

The house money effect predicts investors will be more likely to purchase risky³ stocks after closing out a profitable trade. Behavioral finance theory suggests that overcoming this bias⁴ may help investors profit more over the long term.

 

从这一效应可以预知，投资者从上一笔交易中获利后更倾向于购买一些冒险型的股票。行为金融理论提示，克服这种心理可以帮助投资者长期获利。

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