We (Markus Dertwinkel-Kalt mit Dmitrij Schneider, HHU Düsseldorf, und Johannes Kasinger, Tilburg University) test various behavioral concepts such as loss aversion and preference for skewness using data from online poker games by analyzing players' choices between safe “insurance options” and risky lotteries. Our results show that players are loss averse and in particular have a strong preference for positive skewness, which contradicts the predictions of classical expected utility theory but is predicted by behavioral economic models. The preference for skewness is particularly pronounced among experienced and less successful players, but remains significant in all groups studied. Our results contribute to a deeper understanding of risk-taking behavior in real-life decision-making situations, such as gambling and financial markets.

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