Deciding (when you can’t see a thing) Premium

To read the article in full, become Privileged Subscriber or log in

Winners in poker aren’t the players with the best hand, but people who best adapt to the hazards of chance and their opponents’ bluffs. In today’s uncertain environment, a few poker lessons may be your best guide.

Maria Konnikova, a journalist and psychology graduate from Columbia University, set herself a special challenge in 2016: to learn how to play poker so she could explore decision-making processes in a context where nothing is certain. And her bet paid off: two years later Konnikova had won a major professional poker tournament, hundreds of thousands of dollars and demonstrated that the strategies of the top poker players can be used to optimize the choices we make in volatile environments.  

 

Amathematician John von Neumann, the author of Theory of Games and Economic Behavior, once noted, poker reflects the complexity of life. Unlike Russian roulette, poker isnt about pure chance: mathematical logic plays a role. Unlike chess, however, poker cannot be modeled by an algorithm: the bluffing aspect – the human, psychological dimension – plays a decisive role. This means that the player holding the best hand wins only 12 percent of the time.  

 

Having good cards isnt enough in itself: its the best strategist who wins, even with a poor hand. Maybe you dont hold all the cards but still want to increase your chances of winning? Then watch the poker pros closely. 

 

Find out what is really in your control 

 

Excerpt from Business Digest N°309, September 2020

 

To go further

Read the full 3-part feature

Point of view

How to make the best decisions

Suggestion box

Three ideas to help make decisions in the dark 

It's up to you !

Six tips to sharpen your powers of observation

To read the article in full, you need to be a subscriber

If you already are a subscriber, log in

Digital subscription

Business Digest digital

390 euros HT

(TVA 2.1%)

Subscribe