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Why Do the Poker Players Deal More Often on High Stakes Than on Low Stakes Tournaments? Poker Deals Case.
Rytíř, Miroslav ; Špecián, Petr (advisor) ; Koubek, Ivo (referee)
This thesis aplied tools of economic analysis on situation in poker, where players choose to finish tournament or make a deal and take certain amount of money immediately. Theoretical frame consists of economic theories for decesion under risk and poker literature. Hypotheses are tested with regresion analysis on dataset which I obtain by my own observing. Estimations support hypothesis that players are risk-averze and loss-averze. In bigger tournaments are bigger prizepools and that is the reason, why players in bigger tournament make deals more often. Moreover deal is more likely, when players are approximetly equal skilled in poker.
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Risk Analysis of Sino-American Military Conflict: The Trends in China-US Military Relationship
Šetina, Martin ; Maslowski, Nicolas (advisor) ; Rolenc, Jan Martin (referee)
The ascent of China to a global power status has created a new wave of theoretical discourse on what this means for the future of international relations. The general consensus on a unipolar order of international relations is slowly giving way to discourse. The time of polarity shift in the system is associated with a likely conflict between the descending hegemon and the ascending power (Snyder 2002; Mearsheimer 2010). This theoretical background suggest that in the future, we might witness a military conflict between the US and China. On the other side of the spectrum is a more optimistic view of China's rise, which emphasizes the role of economic interdependence and the extreme cost of any aggressive foreign policy that would escalate the conflict potential between China and the US (Ikenberry 2008; Kang 2007; Fravel 2010). This assumption of a future military conflict between the US and China is at the center of this research. In the following pages I will explore the idea of a military conflict between the US and China in an in-depth analysis of the most contested and conflict-prone issues between China and the US: the future of Taiwan and the Senkaku Island dispute.
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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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Investor´s psychology on Foreign Exchange market
Obergruber, Petr ; Hubinková, Zuzana (advisor) ; Kočí, Ondřej (referee)
The topic of work "Investor's psychology on Foreign Exchange market" is to explain basic assumption for business on the Foreign Exchange markets and also methods how to profit on them. Work focus on soft factors, which are important in investor's decisions making process. These factors are typical for human's decisions, which are not always optimal from statistical and logical side, and may cause mistakes and investor's lost. The most important economic theories of client's behavior are used for conclusions. The major part of work foces on client as individual, describes his motivation, expectation, trade joining and risk adaptation. Theoretical data are participants of the research, which is based in two decision's making games. Conclutions are created from results of games and their comparison.
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Economic and Psychological Aspects of a Consumer's Behaviour and Decision-Making
Kašová, Jana ; Votava, Libor (advisor) ; Hes, Patrik (referee)
The dissertation called Economic and Psychological Aspects of a Consumer's Behaviour and Decision-Making is dedicated to a consumer's behaviour and decision-making in economic and financial issues from the perspective of classic economy, psychology and behavioural economy. The theoretical part describes the expected utility theory and psychological findings on one hand, and presents the so called Prospect Theory and systematic biases on the other hand. The practical part comprises a research. Mission of the questionnaire survey is to find out whether behaviour and decision-making are rational and correspond with the classic economy theory or whether consumers behave irrationally and verify presumptions of behavioural economy.
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Behavioral Finance - Prospect Theory and impact of type of college education on the four-fold pattern
Karamonová, Petra ; Křížek, Tomáš (advisor) ; Havlíček, David (referee)
Thesis deals with Prospect Theory and with its findings when making decisions under risk which is called four-fold pattern. In theoretical part is shortly mentioned the field of Behavioral finance and further described original Prospect Theory and also its modified version called Cumulative Prospect Theory. The main goal of the practical part is to confirm on the basis of questionnaire between different kinds of college graduates the four-fold pattern, identify between 3 segments differences and make the final conclusion whether the type of college education has an impact on four-fold pattern.
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Dynamický model prokrastinace
Vraný, Martin ; Bartoň, Petr (advisor) ; Hudík, Marek (referee)
The thesis presents a formal model of intertemporal decision problem of working on a task for distant reward which depends on the number of periods the subject actually spends working, where the subject faces varying opportunity costs of working each period before the deadline. Three psychologically plausible causes of procrastination are incorporated into the model as transformations of the decision problem. In order to assess a hypothesis that procrastination is an evolved and stable habit, the third transformation renders the model dynamic in that past decisions and circumstances affect the present. The model is first explored via qualitative analysis and simulations are performed to further reveal its functionality.
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Behavioral finance - implications for investors
Stupavský, Michal ; Musílek, Petr (advisor) ; Havlíček, David (referee)
Degree thesis deals with behavioral finance with a focus on behavior and psychology of an individual investor. The first part is devoted to the prospect theory that is a descriptive model of behavior of economic agents under the conditions of uncertainty and stands in a stark contrast with the traditional normative expected utility theory. The second part is devoted to the group of behavioral biases that are distortions of human thinking and judgment documented by cognitive psychology. These biases are difficult to eliminate and lead to a biased perception, inaccurate judgments and illogical interpretations. The third and final part is devoted to a questionnaire survey whose goal was to find out whether financial market participants behave according to the axioms of the expected utility theory or whether they systemically deviate from the axioms of this normative theory. The second goal of the survey was to confirm or disprove inferences of academic studies about existence of behavioral biases.
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Theory of behavioral finance
Šulc, Miroslav ; Kuncl, Martin (advisor)
The bachelor thesis is dedicated to behavioral finance and it's application. The thesis describes evolution of the theory till present. Theories are introduced, which forego behavioral finance, for example Expected utility theory. Just as well the newest discipline, neuroeconomics, is outlined. The application part of the thesis analyse bubble on technological market in USA 1995-2000.
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Behavioral finance
Lisko, Adrian ; Kuncl, Martin (advisor)
This paper concerns in general with the theory of behavioral finance and has a deep interest in the prospect theory. It is conerned with causes of uprise and development of the prospect theory. The paper shows her limits and advantages against the expected utility theory. Simultaneously the paper includes some empirical observations confirming validity of the theory and possibilities of her application.
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