In the case of professional traders in financial markets, the relevant subjective reference point may be an anticipated level of bonus, and Kahneman and Tversky's prospect theory would suggest that "a trader expecting a good performance (and thus bonus) outcome will be reluctant to put those anticipated gains at risk whereas a trader anticipating a poor outcome will be more willing to take risks to avoid that negative outcome" (Fenton- O'Creevy, Nicholson, Soane, and Willman 2005, p. 181).

Donald MacKenzie, An Engine, Not a Camera, loc. 1200