Previous studies have shown that people prefer risk-taking at the end of gambles, a phenomenon called the ending effect. By using the Guess Gambling Game, we investigated the impact of gain-loss status on the ending effect (Experiment 1) and whether and how this effect may be affected by time reference (Experiment 2) and gender (Experiment 1&2). In Experiment 1, we observed the ending effect only in the gain group. Furthermore, gender differences exist in the loss group behavior, females were more risk-averse than males, and males tend to investment more initially and then reduce their investment in a U-shaped pattern (Experiment 1&2). Next, in Experiment 2, the findings indicated that participants in the gain group made riskier decisions and were willing to allocate more money for additional decision opportunities, irrespective of the time conditions. Additionally, under time-limited condition, participants tended to make more decisions in the final round, aiming to maximize their choices times within the limited time. These results contribute to a better understanding of the boundary conditions surrounding the ending effect in risky decision-making and may offer a scientific basis for mitigating and intervening in irrational decision-making.
