I think of game theory like Frank Sinatra thinks of New York City: “If I can make it there, I’ll make it anywhere.” If you can compete against people performing at their best, you’re going to be a winner in almost any game you play. But if you build a strategy around exploiting inferior competition, it's unlikely to be a winning approach outside of a specific, narrow setting. What plays well in Peoria doesn’t necessarily play well in New York. [...]
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Outline:
(00:18) Poker and Game Theory
(06:53) Sports Randomized Sports
(11:17) Knowing Theory Versus Memorization Versus Practice
(16:15) More About Tells
(19:20) Feeling the Probabilities
(20:35) Feeling Sad About It
(28:33) The Iowa Gambling Task
(31:39) The Greatest Risk
(37:20) Tournament Poker Is Super High Variance
(42:42) The Art of the Degen
(48:43) Why Do They Insist on Calling it Luck
(51:56) The Poker Gender Gap
(54:36) A Potential Cheater
(58:30) Making a Close Decision
(01:00:19) Other Games at the Casino
(01:03:22) Slot Machines Considered Harmful
(01:08:23) Where I Draw the Line
(01:11:14) A Brief History of Vegas and Casinos (as told by Nate Silver)
(01:16:44) We Got Us a Whale
(01:21:41) Donald Trump and Atlantic City Were Bad At Casinos
(01:25:17) How To Design a Casino
(01:26:46) The Wide World of Winning at Sports Gambling
(01:41:01) Limatime
(01:43:45) The Art of Getting Down
(01:45:29) Oh Yeah That Guy
(01:55:34) The House Sometimes Wins
(02:01:24) The House Is Probably a Coward
(02:11:19) DFS and The Problem of Winners
(02:16:08) Balancing the Action
(02:18:44) The Market Maker
(02:22:45) The Closing Line is Hard to Beat
(02:25:11) Winning is Hard
(02:29:58) What Could Be, Unburdened By What Has Been
(02:34:52) Finding Edges Big and Small
(02:40:12) Checkpoint Two
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