\u203bEnglish follows Japanese<\/p>\n
\u65e5\u6642\uff1a<\/strong>7\u67087\u65e5\uff08\u706b\uff0910:40-12:10<\/p>\n \u5834\u6240\uff1a<\/strong>\uff13\u53f7\u992812\u968e\u30c7\u30a3\u30b9\u30ab\u30c3\u30b7\u30e7\u30f3\u30eb\u30fc\u30e0<\/p>\n \u767a\u8868\u8005\uff1a<\/strong>GAO, Fei \uff08\u65e9\u7a32\u7530\u5927\u5b66\u5927\u5b66\u9662\u7d4c\u6e08\u5b66\u7814\u7a76\u79d1\u535a\u58eb\u8ab2\u7a0b\uff09<\/p>\n \u30bf\u30a4\u30c8\u30eb\uff1a<\/strong>House money drives re-betting from winnings: evidence from Japanese bank transaction records<\/p>\n \u8981\u65e8\uff1a<\/strong> \u62c5\u5f53\uff1a<\/strong>\u5225\u6240\u4fca\u4e00\u90ce\uff08shunbessho@waseda.jp) <\/p>\n Date:<\/strong> Tuesday 7 July 2026 Contact:<\/strong> Shunichiro Bessho (shunbessho@waseda.jp)<\/p>\n","protected":false},"excerpt":{"rendered":" \u203bEnglish follows Japanese \u5b9f\u8a3c\u30df\u30af\u30ed\u7d4c\u6e08\u5b66\u30ef\u30fc\u30af\u30b7\u30e7\u30c3\u30d7\u306e\u304a\u77e5\u3089\u305b \u65e5\u6642\uff1a7\u67087\u65e5\uff08\u706b\uff0910:40-12:10 \u5834\u6240\uff1a\uff13\u53f7\u992812\u968e\u30c7\u30a3\u30b9\u30ab\u30c3\u30b7\u30e7\u30f3\u30eb\u30fc\u30e0 \u767a\u8868\u8005\uff1aGAO, Fei \uff08\u65e9\u7a32\u7530\u5927\u5b66\u5927 […]<\/p>\n","protected":false},"author":2,"featured_media":10208,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[104,105],"tags":[99,102,18,101],"class_list":["post-11911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other-en","category-other","tag-events-en","tag-general-en","tag-events","tag-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/11911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/comments?post=11911"}],"version-history":[{"count":1,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/11911\/revisions"}],"predecessor-version":[{"id":11916,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/posts\/11911\/revisions\/11916"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/media\/10208"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/media?parent=11911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/categories?post=11911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fpse\/winpec\/wp-json\/wp\/v2\/tags?post=11911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nWe use weekly bank-transaction records from a major Japanese bank and two natural experiments to study how gamblers respond to unexpected gambling wins and to a government cash transfer. Gamblers re-bet 7.5% of unexpected wins within one week, and the re-betting persists for about twelve weeks. They barely direct the government transfer into bets, yet spend both windfalls at similar rates on everyday items. After matching on demographics, gamblers spend the government transfer at the same rate as non-gamblers. Gamblers’ response does not differ between light and heavy gamblers. Gambling outcomes shape behavior. When winnings just recover the prior bet, the next bet jumps (break-even effect). A complete loss triggers a spike in non-bet spending instead (loss-coping effect). Bets after losses do not escalate (no loss-chasing). House money, the winnings from gambling itself, is the channel through which gambling sustains itself over time.<\/p>\n
\n<\/b><\/p>\nWe are pleased to announce the Empirical Microeconomics Workshop scheduled on 7 July.<\/b><\/h4>\n
\n
\nTime: <\/strong>10:40-12:10
\n
\nVenue:<\/strong> Discussion room. 12th floor, Building 3.
\n
\nSpeaker:<\/strong> GAO, Fei (Graduate student, GSE, Waseda)
\n
\nTitle: <\/strong>House money drives re-betting from winnings: evidence from Japanese bank transaction records
\n
\nAbstract:<\/strong>
\nWe use weekly bank-transaction records from a major Japanese bank and two natural experiments to study how gamblers respond to unexpected gambling wins and to a government cash transfer. Gamblers re-bet 7.5% of unexpected wins within one week, and the re-betting persists for about twelve weeks. They barely direct the government transfer into bets, yet spend both windfalls at similar rates on everyday items. After matching on demographics, gamblers spend the government transfer at the same rate as non-gamblers. Gamblers’ response does not differ between light and heavy gamblers. Gambling outcomes shape behavior. When winnings just recover the prior bet, the next bet jumps (break-even effect). A complete loss triggers a spike in non-bet spending instead (loss-coping effect). Bets after losses do not escalate (no loss-chasing). House money, the winnings from gambling itself, is the channel through which gambling sustains itself over time.<\/p>\n