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Episode 009: Courage and Cutting Your Losses with Dr. Maria Konnikova

The Decision Education Podcast

CHAPTER

The Power of Luck in Poker

In order to win a tournament, at some point you're going to get in when you're a mathematical underdog. Even across the times that you are a mathematical favorite, the idea that you might win enough of those in order to be able to win the tournament is actually a long shot in and of itself. In poker, being 60% to win a hand is pretty awfully amazing. I would take that every single time. But to do that twice in a row, all of a sudden you're 36%. And so as you're sort of accruing, you know, those hands over time, the fact that you win a tournament that you actually have those things go your way isn't

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