期刊
MANAGEMENT SCIENCE
卷 55, 期 9, 页码 1547-1555出版社
INFORMS
DOI: 10.1287/mnsc.1090.1044
关键词
prospect theory; break-even hypothesis; risk; investment
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, D., A. Tversky. 1979. Prospect theory: An analysis of decision under risk. Econometrica 47(2) 263-292) break-even hypothesis and suggests that when investors incur a large loss, it might be time to take a vacation or be monitored closely.
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