Poker Player Behavior After Big Wins and Big Losses

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Gary Smith; Michael Levere; Robert Kurtzman;
  • Journal: Management Science, volume 55, issue 9 September, pages 1,547-1,555
  • Related identifiers: doi: 10.1287/mnsc.1090.1044
  • Subject: prospect theory, break-even hypothesis, risk, investment

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 a... View more
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