DaveInNYC comments on Verifying Rationality via RationalPoker.com - Less Wrong

32 Post author: Louie 25 March 2011 04:32PM

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Comment author: Louie 25 March 2011 06:05:25PM 6 points [-]

I wish we could do this but playing without real money wouldn't work for improving rationality and I don't think it would even work for testing rationality in a meaningful way.

Also, I think this sets a good precedent. People who will bet on cards are far more likely to bet on their beliefs in general, which is a sign that they actually have beliefs as opposed to just "things they would like to be true". Not taking +EV bets that represent negligible portions of your net-worth is epistemically irrational so it seems like a rationalist community should be encouraging betting when it is done at reasonable stakes as a way to train or test beliefs.

Comment author: Manfred 25 March 2011 06:12:23PM *  5 points [-]

The a priori argument that using money is important doesn't stand up under closer examination. If you are incapable of generalizing from in-game currency to dollars, you won't be capable of generalizing from poker to other activities. And player behavior does not seem to be grossly different - take for example the fact that prediction markets work the same with real money or fake money.

Comment author: DaveInNYC 31 March 2011 09:59:30PM 2 points [-]

The a priori argument that using money is important doesn't stand up under closer >examination. If you are incapable of generalizing from in-game currency to dollars, you >won't be capable of generalizing from poker to other activities. And player behavior >does not seem to be grossly different - take for example the fact that prediction markets >work the same with real money or fake money.

It may not be much different for prediction markets, but it is VERY different for online poker. Even if you play exactly the same with or without money, your opponents will not, and therefore you will be "training" on different data than you think. This applies especially to NL games; risking 1,000 points on one bet is a lot different than risking 1,000 dollars.