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desire for possible outcomes. When gambles are picked via a choice system – when people indicate which gamble they like from the set of gambles (e.g., acquire/lose, around/less than) – folks often prefer to bet on the outcome that is far more likely to take place.
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Ratio bias. Gamblers will favor gambles with even worse odds which are drawn from a big sample (e.g., drawing one purple ball from an urn containing 89 red balls and 11 blue balls) to higher odds that happen to be drawn from a small sample (drawing a single pink ball from an urn made up of 9 pink balls and a single blue ball).[60]
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