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.