Smith, Gary; Levere, Michael; Kurtzman, Robert - In: Management Science 55 (2009) 9, pp. 1547-1555
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 and Tversky's (Kahneman,...