Non-Monetary Utility and the WSOP Bubble

[undergroundpanther]

Non-Monetary Utility and the WSOP Bubble

My trader friend Jeff is still hanging in at the current World Series of Poker no-limit hold'em event in Las Vegas. Matter of fact, he is almost in the money -- only a few more people need to to get knocked out before everyone remaining is guaranteed at least $21,0000.

He comments here on the behavior a nearly broken bubble induces:

If I were playing optimally, I'd go crazy here trying to rob people. Unfortunately, I suffer from a common amateur drawback--making the money has too much non-monetary utility to really risk it.

A great observation: Making it into the money has far more utility than does the money itself.

http://paul.kedrosky.com/

[closeupready]

1. The reason that stealing works so well right before the bubble is because

of course many players are tired, and just want to make their buy-in back. Once they make the bubble, play loosens up considerably, and people take more risks.

[undergroundpanther]

2. and those risks

have screwed us all over,when it is done through that disease called capitalism.