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
Authors:	Lee, Jungmin
Publisher:	Bonn : Institute for the Study of Labor (IZA)
Subject:	Risikopräferenz \| Glücksspiel \| Wettbewerb \| Preis \| Ökonomischer Anreiz \| Experiment \| risk \| tournament \| poker

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Series:	IZA Discussion Papers ; 1345
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	474407659 [GVK] hdl:10419/20615 [Handle]
Classification:	M5 - Personnel Economics ; D8 - Information and Uncertainty
Source:	EconStor

Persistent link: https://www.econbiz.de/10010262085