Interesting article about how thinking in a foreign language can help eliminate various cognitive biases:
A series of experiments on more than 300 people from the U.S. and Korea found that thinking in a second language reduced deep-seated, misleading biases that unduly influence how risks and benefits are perceived….
To see if the effect held up in real-world betting, Keysar’s team recruited 54 University of Chicago students who spoke Spanish as a second language. Each received $15 in $1 bills, each of which could be kept or bet on a coin toss. If they lost a toss, they’d lose the dollar, but winning returned the dollar and another $1.50 — a proposition that, over multiple bets, would likely be profitable.
When the proceedings were conducted in English, just 54 percent of students took the bets, a number that rose to 71 percent when betting in Spanish. “They take more bets in a foreign language because they expect to gain in the long run, and are less affected by the typically exaggerated aversion to losses,” wrote Keysar and colleagues.