On the popular TV show Who Wants to Be a Millionaire contestants answer a series of multiple-choice trivia questions of increasing difficulty. With each question, their earnings grow; contestants are free to quit the game and keep their winnings at any point before a question is asked. As the game progresses, some lucky contestants find themselves with $500,000, which they can keep or wager on one last question. If they get the question correct, they go home with 1 million dollars; if they miss the question, they leave with only $50,000.

Explain why someone might wager $500,000 of game show winnings on a 1-in-4 chance of $1 million, but why that same someone might be reluctant to wager $500,000 of retirement savings on the same 1-in-4 chance. What bias is at work?