Utility function in tournaments |
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Posted Tue Mar 15, 2005 7:02 pm GMT by fiezk
In finance one often talk about a persons utility function or utility curve, but what about poker tournaments?
Of course it's hard to generalize, and it has to do with payout structure, blind size, aggressivness of the play, etc. But let's for arguments sake say you double up early. Would you say that you have doubled your expected payout for this tournament? Less than doubled? More than doubled?
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Posted Tue Mar 15, 2005 9:04 pm GMT by xDiamond_CutteRx
Depends on the total chips in play. If you start with 1,000 chips but there are 500,000 in play, doubling to 2,000 doesn't do much to improve your utility overall. However, it does help you survive the early rounds, which is often the crucial part of a tournament. So, in an indirect pay I suppose it helps you place into the money, but it's hard to say exactly how it helps, especially since chip counts are variable.
Posted Tue May 31, 2005 8:18 am GMT by Jackal
A study was done where a player was placed in a tournament who did nothing but check and fold. He averaged beating over half the players in large tournaments. In single table competition the folding player averged fourth.
We put 2 dead players in a single table Razz tournament just for kicks. They finished 3rd and 4th. We don't have funding for further study but I think we are on to something here.
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