Very interesting.

But the analysis needs to be extended to .... what happens when the players and the player's goals change? Does that not reduce this argument to the simple reality of 'market sentiment' over and under-reacting?

So C buys lottery tickets until the day when he realizes he hasn't the cash to put food on the table for the rest of the week, and changes his money into a safe savings account. Or good market leave 'normal' investors having accomplished their goals early with extra to 'play with'.

Would there not be a reversion to some mean - the intrinsic value?