For another example, consider a person
who has spent an afternoon at the
race track, has already lost $140, and is
considering a $10 bet on a 15:1 long shot
in the last race. This decision can be
framed in two ways, which correspond
to two natural reference points. If the
status quo is the reference point, the outcomes
of the bet are framed as a gain of
$140 and a loss of $10.