Skewness preferences : evidence from online poker

Markus Dertwinkel-Kalt, Johannes Kasinger, Dmitrij Schneider

We investigate what statistical properties drive risk-taking in a large set of observational panel data on online poker games (n=4,450,585). Each observation refers to a choice between a safe "insurance" option and a binary lottery of winning or losing the game. Our setting offers a real-world choice situation with substantial incentives where probability distributions are simple, transparent, and known to the individuals. We find that individuals reveal a strong and robust preference for skewness. The effect of skewness is most pronounced among experienced and losing players but remains highly significant for winning players, in contrast to the variance effect.

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Year of publication:	[2022]
Authors:	Dertwinkel-Kalt, Markus ; Kasinger, Johannes ; Schneider, Dmitrij
Publisher:	[Frankfurt am Main] : Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe
Subject:	Online Poker \| Risk Attitudes \| Risk Preferences \| Choice under Risk \| Risikopräferenz \| Risk attitude \| Glücksspiel \| Gambling \| Experiment \| Entscheidung unter Risiko \| Decision under risk \| Prospect Theory \| Prospect theory

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Extent:	1 Online-Ressource (circa 53 Seiten) Illustrationen
Series:	SAFE working paper. - Frankfurt am Main : SAFE, ZDB-ID 2745463-0. - Vol. no. 351 (June 2022)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	hdl:10419/261000 [Handle]
Classification:	D01 - Microeconomic Behavior: Underlying Principles ; D81 - Criteria for Decision-Making under Risk and Uncertainty ; g40
Source:	ECONIS - Online Catalogue of the ZBW

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