Prize and Risk-Taking Strategy in Tournaments: Evidence from Professional Poker Players

This study examines whether people optimally respond to prize incentives for risk taking in tournaments. I exploit the television game show World Poker Tour as a natural experiment. The results show that professional players strategically choose the degree of risk taking depending on the incentives implied by the prize structure they face. I find that they are more sensitive to losses than to gains.

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Year of publication:	2004-10
Authors:	Lee, Jungmin
Institutions:	Institute for the Study of Labor (IZA)
Subject:	risk \| tournament \| poker

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Extent:	application/pdf
Series:	IZA Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 1345 25 pages
Classification:	M5 - Personnel Economics ; D8 - Information and Uncertainty
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005822382