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Thoughts on Game Theory: Part 11

by Steve Zolotow |  Published: Feb 12, 2020


A strategy is the game theoretic term for making a decision. (If you only care about poker, skip down to the middle of this column.) When someone flips a coin, you have two strategies available – heads and tails. When you are under-the-gun in hold’em, you have three strategies available – fold, call and raise. If you are playing limit hold’em, the amount you can raise is fixed. If you are playing no-limit the strategy of raising can be divided into all the possible amounts you could raise, which range from a one big blind min-raise up to a full-stack shove. There are a number of ways that game theorists use to try to evaluate which strategy is best. They generally begin with a simple first step, which is to eliminate all dominated strategies. What is domination? Sadly, it has nothing to do with women in leather lingerie. It has ...

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