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.
More here.
