Ron lost 20 playing the slots in Atlantic City. However, he found 20 on the subway. Even though Ron comes out even in terms of cash, he still feels pretty badly about losing money in the slot machines. In fact, he actually feels neutral about finding the 20 on the subway. Ron's feelings can be explained best by ____.
a. the gambler's fallacy
b. expected value
c. utility
d. loss aversion
Question 2
Lola loves to gamble at the casino boats. She tells you that even though the odds of winning big are low, she is certain that she can win back at least the same amount of money she pays into the slot machines. By determining the odds of winning on the machines, you use a simple equation to show Lola that her ____ is actually negative, and therefore, she should not play the machines if she wants to come out ahead.
a. proposition
b. loss aversion
c. expected value
d. utility
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