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Utility Function for Chips
First off i don't want this to come off as disrespect in any way. I think 2+2 has contributed more to poker theory than all other published materials combined.
That said, when sklansky wrote tournament poker he made alot of value statements based off the decreasing marginal value of chips. (Your first chip is worth the most and every chip after is worth less than the one before it.) The value statements made were those in the nature of "avoid unnecessary gambles". I believe those value statements should have been made off the utility function for chips in the tournament instead of the value of those chips. Individuals have their own utility functions, and thus some players should gamble more than others in some situations. If you play a certain sized stack poorly gambling to get a bigger (or smaller) stack may increase your ability to prefrom in the tournament and thus increase your utility even though the additional chips are worth less or lost chips are worth more. |
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