Kill This Guy, He's Taking Our Money
It was pretty clear when the moods at the poker table changed. 2:30 AM, with seven players. In the fifty-four person tournament, only seven of us were left, seated around the single table. An LCD on the wall read back the good news: win or lose, all of us would walk away with more money than we spent to buy in to this double-stack, no-limit Texas Hold ‘Em tournament. We were, as the casino regulars say, "In the money".
I'll admit it – I'm new to Hold ‘Em. Honestly, I've only been playing recreationally for a year or less. So Sunday's tournament, starting at midnight at the Auburn Muckleshoot Casino, was my first. I just wanted to know what it felt like.
And somehow, I ended up at the final table, after two and a half hours of bluffs, mucks, and gut-wrenching showdowns.
Here, in this intimate little setting among seven people and their chip stacks, I realized that the normal competitive behavior I expected to see out of the tournament players was about to take a turn for the communal...and cannibalistic.
2:30 AM. Seven players. A new line appears on the LCD. A figure we haven't seen before now. It's called "Chop Value". And it changes everything.
See, the way these tournaments run on TV, it's a big bloody free-for all until the last two players, then they duke it out until one person walks away with the bracelet and book rights. But in this tournament, and I'm sure in many more, there's a different option, called "chopping".
If we followed the tournament all the way to the blood-soaked conclusion, the top dog would walk away with about $1000. Second banana, $500, third, $250, in your standard inverse power curve down to 7th place, who got about $150.
But – if we decided to split it equally among the seven of us, instead of trying to kill each other, we'd each get $325. That's chopping: splitting equally.
It's a nice concept, and many of us wanted to do it. After all, we bought in with $65; the chop value was already way more than any of us expected to make.
But there was a dissenter. Then, two dissenters. Then, three. They wanted to go further. One wanted to go all the way. In a way, it made sense. If they could just knock out one more person, the chop value went up for everyone. Dividing a sum seven ways gives less individually than dividing it six ways. Surely, this half-altruistic, half-antagonistic behavior was interesting enough, but then, it got even creepier.
The four of us, myself included, who had every desire to walk away with $300 more than we started with, started altering our play to assassinate the dissenters. Didn't want to chop? It didn't matter what the rules were before, we were taking you down.
I confess I felt a heavy impulse, and gave in. Something about my internal logic said it was better to fight for the good of the community by taking down the most vocally dissenting players, than to do what I should be doing, and working to eliminate the overall weakest players. Balance, then, meant not necessarily taking out the easiest targets for the good of all, but the most vocally strong players. It was as if by making the decision to fight, each of the dissenters was directly attacking each of us.
The strategy of the dissenters was simple – to take out the weakest players first. What we all should have been doing in the first place!
Here's where I get off : Really, both sides of the camp would benefit best by attacking the weakest players. Until both sides eliminated the weakest players, neither the choppers nor the dissenters should have cause to attack each other.
That's classic economic theory.
And yet – the choppers ally with the weak to attack the dissenters, the dissenters get to play Germany in World War I and fight a battle on both fronts.
That's behavioral economics.
Rational choice agents we ain't. Emotional, we is. Proud, easily offended, easily scared. It was nice to learn that.
It was also nice to win $500 when we finally decided to chop at the end of the night.
Labels: behavioral economics, economics, poker







