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application of prospect theory on poker players
 Ludvík, Tomáš ; Šťastný, Daniel (advisor) ; Chytilová, Helena (referee)
Based on previous works on application of prospect theory this paper try a similar procedure to prove the truth of prospect theory for poker players. Data are collected from online poker casino Pokerstars within a few days. These data, however, are not entirely opportune to test prospect theory, since it can not accurately determine the reference point for prospect theory. Looseness measurements confirmed findings of prospect theory. Players are risk seeking for loss and risk aversion for profit. This effect is more noticeable in losses than in equally high profits. And also players are feeling more actual losses and gains than earlier losses and gains. Measurement of aggression also confirmed prospect theory but are not significant. This may be due to the way aggression is measured, because players can simply substitute the aggressive actions by calling, which can also increase the risk. Also this paper fail to demonstrate that the most risk averse players can turn pritable after loss, which results in increased risk.
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