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Poker Discussion
General Poker
Loss Aversion - Cognitive Biases
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[QUOTE="Inequitas, post: 5268589, member: 369789"] The Clue is in the title... I've heard many times that Poker is a "Mental" game of Strategy... Looking into what could be considered the "Mental" aspects of the game I soon discovered the term "[URL="https://en.wikipedia.org/wiki/Cognitive_bias"]Cognitive Biases[/URL]" and for me it opened up a whole can of worms... One Bias which stands out most as having a strong influence in Poker is "[URL="https://en.wikipedia.org/wiki/Loss_aversion"]Loss Aversion[/URL]" which contributes to most of our decisions to Muck what could be great winning hands... So what Is Loss Aversion? Well its the tendency for us all to prefer not lose a sum than to win a sum of equal value... An example of this in poker would be to find your self with a fairly good medium range hand such as a 9 pair or slightly higher but be faced with an allin or a high raise, What do you do? Fold or Continue to pay in to what could be a loss? It's this Loss Aversion we all struggle with every time we buy into a game... How Many examples have you seen where you could of won that round had you just pay in to it? Who believes they don't have this Bias? Favorite Quote ATM "Show me a Good Loser and I'll show you a Loser" [/QUOTE]
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