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Conversations with Tyler / episode intelligence

Annie Duke on Poker, Probabilities, and How We Make Decisions

1 Jul 2020 13 published claims 2 attributable people

Speakers in the public record

Claim mix

evaluation 4preference 3observation 2recommendation 2uncertainty 1belief 1

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The useful parts, with receipts.

13 published records

02 / observation

The way that I would think about it is if I took some really successful trading options in 1982, and I put them into the environment that exists now, where the market is super, super tight, I wouldn’t actually expect them to be able to win. And the reason is that when the markets are really wide, your ability to be leaving basis points on the table — you just have so much more room for not getting it just right, because the difference between you and the people that you’re trading against is so wide.

“The way that I would think about it is if I took some really successful trading options in 1982, and I put them into the environment that exists now, where the market is super, super tight, I wouldn’t actually expect them to be able to win. And the reason is that when the markets are really wide, your ability to be leaving basis points on the table — you just have so much more room for not getting it just right, because the difference between you and the people that you’re trading against is so wide.”
Speaker
Annie Duke
Publisher
Conversations with Tyler

03 / belief

In general, I would say that I can probably read men better. And my understanding is that that’s also true of men, that the data is that men can read men better than they can read women, and women can also read men better than they can read women.

“In general, I would say that I can probably read men better. And my understanding is that that’s also true of men, that the data is that men can read men better than they can read women, and women can also read men better than they can read women.”
Speaker
Annie Duke
Publisher
Conversations with Tyler

04 / evaluation

I think that there’s certainly some significant portion of them that that’s true of, that they could be doing great things out in the world. But I also think that there are quirks about people who are attracted to poker because, given how brilliant they are and particularly how brilliant they are at game theory and expressing that and instantiating that in a real-time, high-stakes decision-making problem, I think that most of the people who are playing poker could be making more money doing something else, could be creating more productivity for the world as you said, moving out of this zero-sum situation into something that’s more win-win.

“I think that there’s certainly some significant portion of them that that’s true of, that they could be doing great things out in the world. But I also think that there are quirks about people who are attracted to poker because, given how brilliant they are and particularly how brilliant they are at game theory and expressing that and instantiating that in a real-time, high-stakes decision-making problem, I think that most of the people who are playing poker could be making more money doing something else, could be creating more productivity for the world as you said, moving out of this zero-sum situation into something that’s more win-win.”
Speaker
Annie Duke
Publisher
Conversations with Tyler

05 / evaluation

I’m not an expert in the matter, but yes, I think wherever there’s gambling, even with chess, people make their living from gambling and chess, and that’s an absurd gambling game because who’s ever better is evident very quickly, right?

“I’m not an expert in the matter, but yes, I think wherever there’s gambling, even with chess, people make their living from gambling and chess, and that’s an absurd gambling game because who’s ever better is evident very quickly, right?”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

07 / recommendation

I would say, most of all, she is a force of nature, a best-selling author in multiple books, a very famous poker player, an expert in decision theory, and she has a new book coming out this September, called How to Decide: Simple Tools for Making Better Choices.

“I would say, most of all, she is a force of nature, a best-selling author in multiple books, a very famous poker player, an expert in decision theory, and she has a new book coming out this September, called How to Decide: Simple Tools for Making Better Choices.”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

09 / evaluation

I think about poker as a pretty universal game because certainly when I was playing, you would be sitting at a table and there were people — Chinese, Vietnamese, Korean, German, French, Italian, Spanish, Russian.

“I think about poker as a pretty universal game because certainly when I was playing, you would be sitting at a table and there were people — Chinese, Vietnamese, Korean, German, French, Italian, Spanish, Russian.”
Speaker
Annie Duke
Publisher
Conversations with Tyler

10 / evaluation

just yes or no in that situation probably makes sense for survival. But I would love to hear your thoughts on that because I’m kind of hard pressed to think of a lot of examples in which thinking probabilistically isn’t helpful.

“just yes or no in that situation probably makes sense for survival. But I would love to hear your thoughts on that because I’m kind of hard pressed to think of a lot of examples in which thinking probabilistically isn’t helpful.”
Speaker
Annie Duke
Publisher
Conversations with Tyler

11 / observation

I read an article in the paper today that many gamblers are now betting on shark migration patterns because a lot of the horse races are shut down and dog races are not running.

“I read an article in the paper today that many gamblers are now betting on shark migration patterns because a lot of the horse races are shut down and dog races are not running.”
Speaker
Tyler Cowen
Publisher
Conversations with Tyler

12 / recommendation

[laughs] So I’m going to leave that with my father. That being said, I will recommend to everybody that if you haven’t read Anguished English, it’s a really hilarious book.

“[laughs] So I’m going to leave that with my father. That being said, I will recommend to everybody that if you haven’t read Anguished English, it’s a really hilarious book.”
Speaker
Annie Duke
Publisher
Conversations with Tyler

13 / preference

If your goal is to find a great match, then I think that that’s actually helpful because the fact that you’re thinking that way means that you’re more likely to be talking to somebody who is compatible with somebody who thinks that way. So while it might reduce the number of people that you might match with, the number of people that might end up being long-term, the quality of the match, I think, would go up because you would be more likely to be compatible in terms of the way that you thought about the world.

“If your goal is to find a great match, then I think that that’s actually helpful because the fact that you’re thinking that way means that you’re more likely to be talking to somebody who is compatible with somebody who thinks that way. So while it might reduce the number of people that you might match with, the number of people that might end up being long-term, the quality of the match, I think, would go up because you would be more likely to be compatible in terms of the way that you thought about the world.”
Speaker
Annie Duke
Publisher
Conversations with Tyler
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