A Few Thoughts
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This is a great article. I believe it is one of the best (if not THE best) in the April issue. Has high utility and is very thought-provoking.
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This is an interesting article on a subject that is rarely discussed.
1. It is important to distinguish between people who are risk-loving and people who value things other than money. For example calling stations are generally risk-adverse rather than risk-loving. That's obvious from their unwillingness to risk money on profitable aggressive actions. What many calling stations want is not risk but rather the fun of continuously playing poker and being with people. They buy these intangible benefits in the cheapest way possible by investing the smallest amount that allows them to stay in the pot.
The point is that risk level is just as much a money concept as any other discussion of EV. It can miss the mark at times because money is not the only motivating factor at poker and for many players it is not even an important factor. The first step in applying risk concepts to other players is recognizing which player styles even care very much about risk.
2. When considering your own risk attitude, the most important thing to realize is that you need to play within your bankroll. The next thing to realize is that you should not play in any game where you are unable to be risk-neutral. Scared poker is bad poker and all the plays that cater to fear are leaks. For some players the opposite problem can arise with stakes that are so small that the player doesn't care. This can lead to risk-loving behavior out of boredom.
3. The bottom line is that ambitious players need to expand their range of risk-neutrality. Very few of us are naturally unconcerned about losing large amounts on one pot even if we are easily within our bankroll. But unless we strive to get over this problem, there are good games that we will never be able to successfully play. Inability to be risk-neutral is just as much a poker flaw as tilt or not understanding semibluffs.
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