More like poker Michel Pireu     | Business Day Friday, November 16, 2018
The problem with using chess as a model for the kinds of decisions that we make in life is that chess is a very constrained problem, meaning there just isnít a lot of uncertainty in it. There is a very little bit of luck and thereís no hidden information in the sense that you can see all the pieces sitting right in front of you ... Now, thereís certain things I donít have access to, like I donít know what openings youíve recently been studying, for example. In terms of the luck element, thereís nobody rolling the dice and then if it comes up nine, I get to take your bishop off the board, so thereís almost no luck in that game. What that means is that itís a very different problem than most of the kinds of problems that we have to tackle in life. Life is much more like poker where there is lots of hidden information, the cards are face-down and the relationship between your decision quality and the way that an outcome might turn out on a single try is actually quite loose. Ė Annie Duke

To ask whether poker is a game of chance or a game of skill is to assume that it is either-or. Yet the essential characteristic of poker is precisely that it is both. Poker is a game that requires a very particular set of skills related to the art of navigating in an environment that is ultimately governed by chance. Once it is recognized that there is an intricate interrelation between skill and chance in poker, and that the game does not fit unambiguously into either category ... it also becomes evident that poker does not really fit into the usual classification schemes of law, politics, morals, and public health. Ė Ole Bjerg.
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