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comment by jkraybill · 2023-06-01T23:37:53.203Z · LW(p) · GW(p)
As a poker player, this post is the best articulation I've read that explains why optimal tournament play is so different from optimal cash-game play. Thanks for that!
Replies from: meijer1973↑ comment by meijer1973 · 2023-06-02T09:06:09.726Z · LW(p) · GW(p)
Agreed, one of the objectives of a game is to not die during the game. This is also true for possible fatal experiments like inventing AGI. You have one or a few shots to get it right. But to win you got to stay in the game.
comment by Dale C (dale-c) · 2024-02-08T09:05:02.231Z · LW(p) · GW(p)
Kelly Criterion can, and in fact by definition is best used for, betting in systems which are non-ergodic. It by definition maximises expected GEOMETRIC GROWTH RATE, even in systems with absorbing states.
but also reduce the volatility and the risk of ruin.
I mean risk of ruin is still exactly 0 with kelly criterion.
You want to avoid maximising expected VALUE in these type systems (akin to going all in whenever EV is anything greater than 0).