Download pdf
Poker's Paradox: The Interplay of Skill, Chance, and Game Theory
- 1 Macalester College
* Author to whom correspondence should be addressed.
Abstract
The intricate dance between skill and chance in poker has been a topic of enduring debate, resonating not just among game enthusiasts but also in legal, economic, and cultural corridors. Drawing from historical underpinnings and foundational principles of game theory—pioneered by the likes of Emile Borel and notably advanced by John Von Neumann—this paper delves into the intricate interplay of skill and chance in poker. By introducing a comprehensive model that employs game theory principles, we navigate poker's multidimensional landscape, demonstrating that these elements are inextricably intertwined. Our analysis reveals that while the draw of cards introduces an inherent element of chance, a player's prowess in decision-making, strategizing, bluffing, and opponent interpretation is paramount to long-term success. This dual nature of poker – where both skill and chance operate in tandem – is what makes it a subject of such profound interest and complexity. By presenting poker in this nuanced light, our study seeks to break down traditional dichotomies and offers a more holistic understanding.
Keywords
poker dynamics, skill-chance interplay, strategic decision-making, game theory
[1]. Borel, E. (1921). La théorie du jeu et les équations intégralesa noyau symétrique. Comptes rendus de l’Académie des Sciences, 173(1304-1308), 58.
[2]. Von Neumann, J. (1928). On the theory of parlor games. Mathematische Annalen, 100(1), 295-320.
[3]. Levitt, S. D., & Miles, T. J. (2014). The role of skill versus luck in poker evidence from the world series of poker. Journal of Sports Economics, 15(1), 31-44.
[4]. Hannum, R. C., & Cabot, A. N. (2009). Toward legalization of poker: The skill vs. chance debate. UNLV Gaming Research & Review Journal, 13(1), 1.
[5]. Fudenberg, D., & Tirole, J. (1991). Perfect Bayesian equilibrium and sequential equilibrium. journal of Economic Theory, 53(2), 236-260.
Cite this article
Su,Y. (2024). Poker's Paradox: The Interplay of Skill, Chance, and Game Theory. Advances in Economics, Management and Political Sciences,67,165-172.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
Disclaimer/Publisher's Note
The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
About volume
Volume title: Proceedings of the 3rd International Conference on Business and Policy Studies
© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and
conditions of the Creative Commons Attribution (CC BY) license. Authors who
publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons
Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this
series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published
version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial
publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and
during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See
Open access policy for details).