Monday, April 19, 2021
Game theory is pretty cool. If I play a three-card game with another person in which we're dealt an Ace, King or Queen, I will always bet with the Ace, check with the King, and bet with the Queen 1/4 of the time to create an equilibrium that my opponent cannot exploit. If my opponent folds too much, I can bet more with my Queen. If he never folds, I can always fold my Queen. When betting with the polarized range (the Ace or Queen, the nuts or nothing), I increase my expected value because I can bet with the Queen 1/4 the time. With the condensed range, the King, I lose EV. Fascinating.
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