Poker and the Endowment Effect



John "JimmyLegs" Wray is a feared mid-stakes heads-up player, coach, video producer, and sponsored CardRunners pro, all while being a full-time father of two. Before getting bitten by the poker bug, he was a writer/director for TV and animation, a background that serves him well now that he's regularly producing content for CardRunners. "Brain Fail," his entertaining look at the intersection of poker and behavioral psychology, has quickly become one of the most popular and talked-about poker series on the web. No, it’s not a slang term for a night out at Chippendales.  The Endowment Effect is a very real force currently twisting your mind and affecting your ability to play rational poker.  Don’t believe me?  Let’s take a look at two scenarios with our hypothetical hero, Bob. SCENARIO #1 Bob is in a Heads-Up No Limit Hold’em match against a tight, straightforward player. Blinds: $0.50 / $1 Villain: ($100) Dealer BOB: ($100) Big Blind Dealt to BOB: [Ks][Kc] Pre-Flop (Pot: $1.50) Villain RAISE to $3 BOB RAISE to $12 Villain CALL Flop (Pot: $24) [Ad][8s][3c] “Damn,” thinks Bob.  Why is there always an ace on the flop?  He fumes for a second, but realizes that there’s no guarantee his opponent has an ace, so his kings ...

2 Comments

CraigTak

So you’re saying the “endowment effect” has left many players, well,..hung?
;-) nice article John.


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kool article more like this please…cant beat the old pyschology on da long run..lol


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