Poker Game Theory
Poker game theory says a player can mathematically determine a likely outcome as his strategies intersect with those of a thinking opponent. Poker theorists consider available data to decide if a particular strategy would be profitable over the long-term.
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History
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Author John von Neumann used poker hands to illustrate his concept of game theory, which he introduced in the 1944 book "Theory of Games and Economic Behavior." David Sklansky wrote the landmark "Theory of Poker" in 1999.
Considerations
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Poker theorists calculate pot odds, hand values, opponent probabilities and other quantifiable factors to make playing decisions on the spot.
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Application
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A royal flush is rare. Poker decisions based on game-theory concepts generally are made to maximize long-term profitability rather than immediate gains. Sklansky warns against making strategy adjustments in reaction to a bad result.
Misconception
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Game theory doesn't require that a player make the same play every time he's faced with the same situation. Unpredictability is part of the equation.
Successes
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Chris Ferguson used concepts of game theory to become the first player to win $1 million in a poker tournament, the 2000 World Series of Poker. Greg Raymer said after winning the 2004 WSOP that "Theory of Poker" is the only poker book he had ever read.
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References
Resources
- Photo Credit Image by Flickr.com, courtesy of Mark Richardson Image by Flickr.com, courtesy of banspy
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Comments
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