Limited Resources 364 – How to Approach Gaming (and Life)
Added 2016-11-24 08:40:05 +0000 UTC
Comments
LSV and Marshall, great show! I loved all the detailed talk about EV, that kinda stuff fascinates me. I haven't finished listening yet, but I hope you get to opportunity cost as a concept as well. I wanted to take small issue with your description of results-based thinking though (this has come up in other shows as well). You're right that if you know the odds ahead of time (e.g., that it's a fair, 50/50 coin), results don't matter. If you get tails 10 times in a row, it's still 50/50 to get heads next time. But results are really important when you DON'T know the odds - e.g., if you don't know whether the coin is fair or not. There, if you flip tails 10 times in a row, you have a very strong certainty that the next flip will be tails, because the coin is most likely not fair. So results-oriented thinking is important when dealing with unknowns.
Tom Kamenick
2016-11-28 16:54:18 +0000 UTC
