The attraction of gambling.

@article{Rachlin2015TheAO,
  title={The attraction of gambling.},
  author={Howard Rachlin and Vasiliy Safin and Kodi B. Arfer and Ming Yen},
  journal={Journal of the experimental analysis of behavior},
  year={2015},
  volume={103 1},
  pages={260-6}
}
If a repeated gamble is subjectively structured into units each consisting of a string of consecutive losses followed by a single win, longer strings will necessarily be less valuable. Longer, less valuable strings will be discounted by delay more than will shorter, more valuable strings. This implies that the whole gamble's expected, delay-discounted value will increase as delay discounting increases. With this restructuring, even games of (objectively) negative expected value, such as those… CONTINUE READING
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