Poker Player Behavior after Big Wins and Big Losses

We find that experienced poker players typically change their style of play after winning or losing a big pot—most notably, playing less cautiously after a big loss, evidently hoping for lucky cards that will erase their loss. This finding is consistent with Kahneman and Tversky's (Kahneman, D....

Ausführliche Beschreibung

Bibliographische Detailangaben
Veröffentlicht in:	Management Science. - Institute for Operations Research and the Management Sciences, 1954. - 55(2009), 9, Seite 1547-1555
1. Verfasser:	Smith, Gary (VerfasserIn)
Weitere Verfasser:	Levere, Michael, Kurtzman, Robert
Format:	Online-Aufsatz
Sprache:	English
Veröffentlicht:	2009
Zugriff auf das übergeordnete Werk:	Management Science
Schlagworte:	prospect theory break-even hypothesis risk investment Behavioral sciences Mathematics Economics Information science


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520			\|a We find that experienced poker players typically change their style of play after winning or losing a big pot—most notably, playing less cautiously after a big loss, evidently hoping for lucky cards that will erase their loss. This finding is consistent with Kahneman and Tversky's (Kahneman, D., A. Tversky. 1979. Prospect theory: An analysis of decision under risk. Econometrica 47(2) 263-292) break-even hypothesis and suggests that when investors incur a large loss, it might be time to take a vacation or be monitored closely.
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