Raise or Fold:  A Year of Risky Business

Writing and playing poker as if they were activities worth doing well.

Friday, April 10, 2009

More on Money

There are a whole raft of interesting studies on the psychology of money, many of which have interesting implications for poker players.
The value of £100 is supposed to lie in how much beer or fuel it can purchase and nothing else. You should care no more about being short-changed £5 at the supermarket checkout than losing the same amount when borrowing money to buy a £300,000 house. Similarly, you should value £10 in loose change the same as £10 in your bank account that you've mentally set aside for your niece's birthday.

In reality we are not that rational. Instead of treating cash simply as a tool to be wielded with objective precision, we allow money to reach inside our heads and tap into the ancient emotional parts of our brain, often with unpredictable results.
Read more here.

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