By Andrew M. Baxter

A gambler walks into MGM Grand, pockets swollen with $10,000. He converts his cash to chips and finds a seat. After playing poker for an hour, he understands the play style of his opponents. Feeling comfortable, he examines his middling five-card hand, considers the odds, and folds. As the day drags on, the same dealer deals our gambler the same five cards with the same odds against the same people at the same table. Does he fold? Kahneman’s insight is…it depends. Continue reading “It Depends: The Kahneman Frame of Mind” →