The role of mental accounting in risk-taking and spending: a meta-analysis of the house-money effect.

ABSTRACT:

Introduction

This study systematically analyzes the house-money effect, a phenomenon in which people become more financially risk-taking and wasteful after receiving unexpected income. It aims to identify the general tendencies and factors that influence this effect, because the results reported in previous studies are inconsistent.

Method

A total of 36 eligible studies with 57 continuous and 18 binary outcome effect sizes were included in this meta-analysis. A random-effects model was used to pool the effect sizes.

Results

A low-to-moderate house-money effect (g = 0.37, rr = 1.33) was confirmed. However, high heterogeneity was observed, and the strength of the house-money effect varied widely, depending on the situation. The subgroup and meta-regression analyses reve

SUBMITTER: Dan K 

PROVIDER: S-EPMC12272607 | biostudies-literature | 2025

REPOSITORIES: biostudies-literature