who has a bit of perversity through their lives, it makes them unpredictable in certain ways. A perfectly rational poker player is a poker player who's fairly easy to beat, which is why the best poker players always throw some randomness into their behavior. And you know, often life is poker writ large. Another way in which perversity could be powerful is regarding threats. So suppose I'm aperfectly rational agent and you and I are in some sort of deal and I say if you do this I'm going to
But it was another way to make some money across town. Poker is huge. The cover of the book, you'll see a spade on the cover of the book.Poker is throughout the book.
Poker is huge. The cover of the book, you'll see a spade on the cover of the book.Poker is throughout the book.I love poker because it's the one place where you can sit down with somebody, lie to their face, and they don't hate you because it's expected.
Obviously, there's a lot of interest in AI around game-playing algorithms now. Poker , as it happened, was one of the first inspirations for game theory.Back in the 1920s, John von Neumann was a brilliant mathematician.
And there was about seven or eight people at dinner and I had no opinion of him, except that I heard good things about him. I actually didn't watch his convention speech. I played poker that night. I was at the convention. But I never watch the keynote speech because I always find it frustrating that you end up wishing that guy was a nominee.It happened the first convention I went to was 1984 with Mario Cuomo and ever since then -- the one exception actually was Bill Clinton. He was terrible at the keynote in 1988. But
And then kind of on that thread, so I feel like I've personally learned a lot of lessons from chess. For poker , it was the whole cards.
these ideas with people in a way that felt really different to me than poker . In poker , I'm thinking about these ideas in a way that's very zero sum, right? I'm going to win, you're going to lose.
So you have a good poker -- I do have a poker history. So poker is a huge part of the book with Zesty's father, Will Meyers. So poker was the third way I made money in Boston.
So poker is a huge part of the book with Zesty's father, Will Meyers. So poker was the third way I made money in Boston. There were always poker games breaking out at the moving company that used to work at.
It's a subconscious gesture, behavior, or emotion that you do when you have something good. So poker players call this a tell. You might pull on your ear.
would stick with the same one on the second go. But poker isn't actually one of them.
would stick with the same one on the second go. So poker is kind of open to debate a bit as to whether it is gambling.
would stick with the same one on the second go. of poker . So no-limit, hold 'em, and these kind of things.
Because the price valuation is essentially proxying for a bad market expectation. Worst poker players are basically those that overreact to bad fundamentals-- this company is dead, blah blah blah-- that we know on average fundamentals
issue in many, many parts of Europe and the USA. And poker .
to another. The place is huge and separated into three major rooms. The poker room and Asian games room flank the Dragon room. This room is the home of the big city gangsters.
whether that's meaningful or not, whether it should change your summation of a problem or not, that's helpful as well. And poker is a very game for developing that skill, I think. So as you and your model gain renown and credibility, how will your forecast affect the very events they aim to predict?
model situations and always know how the person you were modeling or playing against was gonna act. You always knew perfectly. In poker , you don't, right. In poker , you can make absolutely the right call all the time and then some idiot decides to go all in on a pair of twos. And you just -- a two pops up and they get lucky and you lose.
writing a book about it um my first book was was set on Wall Street and it was liars poker and it was um um at the I thought um going to be this little message in the bottle to Future Generations who would never believe how outrageous Wall Street got in the 1980s
A game like backgammon allows us to grapple with the uncertainty of the world via the rolls of the dice. A game like poker , we're confronted with hidden information and deception, and on and on. So games are sort of a form of practice for the real world.
or later that day, on the board. When we get to poker , we add hidden information, and so on.
Yeah, yeah, it's amazing. to become a professional poker player instead.
Yeah, yeah, it's amazing. There are movies about poker players.
I interviewed a professional poker player, who is also a psychologist for the book.
before games like poker .
and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Heads Up Poker Championship. Retired from poker since 2012, she is now a corporate speaker and a consultant on decision strategy. Merging her poker expertise and her graduate-level research in psychology at the University of Pennsylvania, she has authored five books, is a co-founder of howIdecide.org,
Retired from poker since 2012, she is now a corporate speaker and a consultant on decision strategy. Merging her poker expertise and her graduate-level research in psychology at the University of Pennsylvania, she has authored five books, is a co-founder of howIdecide.org, serves on the board of After-School All-Stars, and is a trustee of The Franklin Institute.
and I ended up in that year, that's when I took what felt like this very big left turn into poker . So I started playing poker , and about eight years into it, I got asked by actually a retreat of options traders if I could come speak to them about the way that poker might inform their decision making and how they handle risk.
The first place it comes from is hidden information. So in poker , the cards are face down. Guess what? In life as well.
So I tell this story because it sounds like, oh my gosh. These crazy poker players making this bet on where John was going to move. But if you think about it, it's really no different than any decision that you've ever made.
as compared to any other decision that you might make. So the poker players really just make that explicit. And that's really what you're doing when you're betting is you're making it explicit that a decision is a bet informed by your beliefs on a set of possible futures
But it only had-- it only went so far. And then poker is one of the other main themes, besides music, in the book. So you have a good poker -- I do have a poker history.
So poker was the third way I made money in Boston. There were always poker games breaking out at the moving company that used to work at. And there were games often, if you knew the right people.
Poker is throughout the book.I love poker because it's the one place where you can sit down with somebody, lie to their face, and they don't hate you because it's expected. It's just, it seems to be the great equalizer of lies.
low-ball poker . It's got a specific name.
Stop for a second and think, physically, where you had it. Do we have any poker players in the room? Anyone who plays poker ?
Do we have any poker players in the room? Anyone who plays poker ? No? Does anyone know what a tell is?
Anybody here play poker ?
and also started playing poker and he was um a very good student of
And interest in games and gambling has continued from an academic point of view. One example is poker and games. Obviously, there's a lot of interest in AI around game-playing algorithms now.
Many of the top game-playing algorithms now use these kind of simulation-based approaches to refine their strategies. And in poker as well, one team at the University of Alberta adopted this kind of approach and refined their strategy so much over time that, last year, they announced that poker is solved.
And in poker as well, one team at the University of Alberta adopted this kind of approach and refined their strategy so much over time that, last year, they announced that poker is solved. So for two-player poker , in which the potential stakes are limited-- so known as limit poker --
they announced that poker is solved. So for two-player poker , in which the potential stakes are limited-- so known as limit poker -- they had essentially, through this kind of iterative approach, found a situation or a set of strategies which are such a good approximation
would stick with the same one on the second go. So in poker , they could initially pretend to be quite passive, maybe indecisive.
would stick with the same one on the second go. So I think poker 's a nice one, where a relatively small edge can play quite a big role.
Because the price valuation is essentially proxying for a bad market expectation. Because good poker players get allocated upon a capital.
I like poker analogies, that the deck is stacked against us for happiness as human beings.
is like spotting a poker player's bluff.
Kids were playing poker .
They tried everything from poker to Candy Land, until Cole made her characteristically mild suggestion.