Economics of Chess Investment Based on Secondary Analysis of YouTuber Videos
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Abstract
This qualitative research study investigates the question about the most economical way of investing time and money in both the career and hobby of chess and to evaluate their opportunity costs. Using reflexive thematic analysis on secondary data of global chess industry experts’ commentaries and discussions on YouTube revealed 9 themes that are related to making economical investments on chess as a career or a hobby. Having a career in chess is strongly not recommended because it is filled with high risks and uncertainty that involve unstable net income, prize winnings that heavily favor the top winners, negative mindset, extra work, and marketing challenges. In contrast, in order to make economical investment in chess as a hobby, learning and becoming better at playing chess can be optimized through cost-effective self-study, interactive learning, playstyle focus, and waste avoidance. The opportunity cost of heavy investment in a chess as a career is very high which is any easier career that provides stable and higher income while the opportunity cost of minimal investment in chess as a hobby is relatively low considering the cognitive and psychological benefits of playing chess. The findings of this study revealed how to make the most economical decisions to invest time and money in the game of chess which can be applied other hobbies. The ability to make economic decisions can positively spillover to other areas of everyday life to continuously optimize the use of scarce resources, avoid unnecessary waste, and always consider opportunity costs.
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