%0 Report
        %A Lee, Jungmin
        %T Prize and Risk-Taking Strategy in Tournaments: Evidence from Professional Poker Players
        %D 2004
        %8 2004 Oct
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 1345
        %U https://www.iza.org/publications/dp1345
        %X 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.
        %K risk
%K tournament
%K poker