Professional poker players' behavior in high-stakes, televised tournaments is significantly more conservative than that prescribed by risk-neutral models of dynamic optimization for decisions to call or fold after final ‘river' bets. Had players adhered to a risk-neutral dynamically-optimal...

We use economic experiments to examine the nature of relational trading under a menu of incomplete contracts ranging from the repeat purchase mechanism of Klein and Leffler (1981) to highly incomplete contracts that are completely unenforceable by third-parties. Our results suggest that, with...