Paper - What's in a Game

8/12/2019 Paper - What's in a Game

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Ole BjergInstitut for Ledelse, Politik og Filosofi

Copenhagen Business Schoolhttp://olebjergdk

!ork in progess " #o not $uote%

!hat&s in a 'a(e" Poker and Post(odern Capitalis(

)he paper in*estigates poker as an econo(ic s+ste( b+ eploring the

structural ho(olog+ bet-een )eas .olde( no"li(it and post"industrialcapitalis( 0sing Lacan and 1ar three di(ensions in the production anddistribution of *alue -ithin global post"industrial capitalis( are identified Inthe order of the 2eal -e find the -orker transfor(ing (atter In the s+(bolicorder -e find the capitalist eploiting labour 3nd in the i(aginar+ order -efind the speculator taking ad*antage of displace(ents in the *er+ for(s of(one+ )he three positions correspond to three ideal t+pical -a+s of pla+ingpoker: )he 4sucker is rooting for luck to pro*ide hi( -ith the needed cardsthus pla+ing his ga(e in the di(ension of the 2eal )he 4grinder uses(athe(atical and statistical calculations to *alue his hands opti(all+ and

relies on the La- of 'reat nu(bers securing hi( an edge in the long run )hegrinder is pla+ing poker in the order of the s+(bolic Finall+, the 4pla+er takesad*antage of discrepancies bet-een different pla+ers i(aginar+ conceptionsof the ga(e b+ bluffing or putting a pla+ on his opponents

!hats the Big #eal5)he enchanting char( of poker lies in the contrast bet-een the si(plicit+ of the

ga(es structure on the one hand and on the other the enor(ous co(pleit+unfolding eponentiall+ as the pla+er disco*ers (ore and (ore facets of thega(e One pro*erb in the *ast folklore of poker sa+s: 4Poker is a da+ to learn anda lifeti(e to (aster

Besides these $ualities as a ga(e, -hich poker in principle shares -ith (an+other ga(es, poker see(s to be distinguished b+ a set of *er+ special $ualitiesas a cultural pheno(enon O*er the last 67"87 +ears poker has eperienced anenor(ous gro-th in popularit+ and toda+ -e (a+ *irtuall+ speak of a pokerboo( 2ough esti(ates sa+ there are 97"9;7 (illion regular pla+ers -orld-ideand the turno*er of (ajor poker sites on the Internet is counted in billions ofdollars9)o so(e etent the popularit+ of poker (a+ of course be eplained b+ aco(bination of )


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recorded b+ the so"called hole"ca(, aggressi*e (arketing and not least ne-fa*ourable opportunities for spreading the ga(e brought about b+ thede*elop(ent of the internet ?e*ertheless, there see(s to be so(ething in the*er+ ga(e, -hich appeals to the ti(e -e li*e in, and -hich eplains the poker

boo( as (ore than just the result of cle*er (arketing)he parallel bet-een poker and capitalis( is $uite ob*ious and is captured in a

nu(ber of often $uoted sa+ing about poker !alther 1atthau has put it this -a+:4Poker ee(plifies the -orst aspects of capitalis( that ha*e (ade our countr+ sogreat .ence, it is probabl+ no coincidence that poker in its (odern for( isconcei*ed in the 0S One author notes in the beginning of the eighties: @Poker isa pure epression of the 3(erican drea( =(bodied in the action of the ga(e isthe e*er"present notion that an+one -ith skill, indi*idual initiati*e, patience,foresight, and a little luck can easil+ (ake the leap fro( rags to riches6 Aones:6>@ )oda+ the 3(erican #rea( as -ell as capitalis( as such ha*e beenglobalised and poker should no longer be considered a particularl+ 3(ericanga(e but rather a genuinel+ global ga(e)he relationship bet-een poker and capitalis( is ho-e*er (uch (ore

a(biguous than superficial si(ilarities re*eal )rue, poker is a celebration of thes+ste( of capitalis(, but at the sa(e ti(e, poker is also a (ocking of this *er+sa(e s+ste( )rue, people pla+ poker hoping to (ake a $uick ad*ance in thecapitalist order of societ+, but at the sa(e ti(e the+ (a+ e$uall+ ha*e a hope ofescaping this *er+ order )rue, poker is about -inning (one+, but it is also aga(e of displa+ing the ut(ost disregard for the other-ise sacred object of

(one+)his paper is intended as part of a book -here the relationship bet-een poker

and capitalis( is eplored In the follo-ing -e shall be anal+sing poker as anecono(ic s+ste( in order to unco*er a structural ho(olog+ bet-een poker A?oLi(it )eas .old=( in particular and postindustrial capitalis( )he paper is *er+(uch a -ork in progress and I apologise for gra((atical errors and theinsufficienc+ of the reference s+ste(

6ones, 2e L 9D>;: Poker and the American Dream, in: 1ontague, Susan P E 3rens,! A=ds: the 3(erican #i(ension Cultural 1+ths and Social 2ealities 3lfred PublishingCo: Sher(an Oaks, 6>"8G

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G: 9;9"9D9 )he pricing of labour

in the (arket takes place in a relati*e autono(+ fro( the real *alue of labour)his relati*e autono(+ constitutes the focal point of the capitalist eploitation oflabour Labour is *alued at an echange"*alue belo- its use"*alue thus enablingprofit as the etraction of surplus"*alue 7

3 necessar+ precondition for the operation of s+(bolisation, in -hich labour is

priced as co((odit+, is the (one+ for( Onl+ through (one+ as uni*ersal

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(easure of *alue is it possible to lift out labour of its i((ediate contet andsub(it it to the abstract co(parison -ith other co((odities through ti(e andspace 1ar describes the e*olution of (one+ as a transfor(ation, -hereb+ acertain co((odit+ Agold and to so(e etent sil*er is graduall+ abstracted and

lifted out of the ordinar+ circulation of co((odities and co(es to function asuni*ersal e$ui*alent for all other co((odities 3t the sa(e ti(e, (one+ is bothco((odit+ itself b+ being linked to gold but also the *er+ for( enabling theabstract *aluation of all other co((odities8)his transfor(ation has also beendescribed as a subli(ation of gold

In the for( of uni*ersal e$ui*alent for the *aluation of co((odities (one+belong to the third leg of the Lacanian trinit+ that is the i(aginar+ orderJ1one+is the subli(e object stabilising the relation bet-een the real and the s+(bolicFro( 1ar -e kno- that the opposition bet-een labour and capital is loaded -ithan insoluble antagonis( in the sa(e -a+ as the split bet-een the real and thes+(bolic in Lacan is trau(atic )he (one+ for( ho-e*er enables a co*er up forthis antagonis(, this trau(a In the *aluation of the co((odit+ as echange"*alue the real *alue of the co((odit+ as (aterialised labour is repressed as a&secret, hidden under the apparent fluctuations in the relati*e *alues ofco((odities&GIn this -a+ the capitalist (ode of production is able to function inspite of its inherent antagonis(s 1one+ incarnates a phantas( that labour (a+in one and the sa(e (o*e be priced as both producti*e force and co((odit+,ie that use"*alue and echange"*alue (a+ be contained b+ on and the sa(es+(bolic epression .ence (one+ incarnates eactl+ the general function of

ideolog+: 4KHIdeolog+K is the Kself"e*identK surface structure -hose function is toconceal the underl+ing unbalancedK, Kuncann+K structure>

Production and distribution of *alue in capitalis( is su((arised in figure 9belo- !e see ho- actual *alue is created b+ labour as producti*e force in theorder of the real onl+ to beco(e redistributed through the circulation ofco((odities and capital in the s+(bolic order 1one+ as uni*ersal e$ui*alent isthe for( enabling the subsu(ption of the real under the s+(bolic 1one+ as for(constitute the i(aginar+ orderFigure 1: Three Orders of Industrial Capitalism

8Fleet-ood, Ste*e 9DDD:A Marxist theory of commodity money revisited, in S(ithin,ohn A=d: !hat Is 1one+5 2outledge, London

'ou, ean oseph 9DD7: Symbolic Economies After Marx and Freud Cornell0ni*ersit+ Press, ?e- Mork

J!hen used in sociological anal+sis Lacans i(aginar+ order is so(eti(es referred toas ideolog+ In this book the ter(s -ill be used s+non+(ousl+

G1ar 9;G>: ;D>Niek, Sla*oj 9DD>: ;6


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Money ascapital

Money ascapital/profit

Labour asproductive force

Labour ascommodity

The Symbolic

The Real

The ImaginaryMoney as universal

equivalent

Fro( Industrial to Post"Industrial Capitalis(Speculation is no longer surplus"*alue it is the ecstas+ of *alue, -ithoutreference to production or its real condition ABaudrillard 9DD;: 9

!hen 1ar is speaking of capitalis( he is thinking of industrial capitalis( as itis unfolding in his o-n ti(e -here *alue is produced b+ s-eating -orkers in1anchester tetile factories and then eploited b+ old (en in top hat and cigarIn the !est at least, this is not ho- capitalis( looks an+(ore and a de*elop(ent

of 1ar anal+sis is necessar+ in order for the( to function on conte(porar+affairs )he (o*e(ent fro( industrial capitalis( to the post"industrial capitalis(of toda+ (a+ be described as a frag(entation of the i(aginar+ order

In 1ar (one+ functions as uni*ersal e$ui*alent through the link to gold underthe 'old Standard )his (eans that different currencies are relati*el+s+nchronised through their reference to gold as a co((on eternal point ofreference !hen the !estern econo(ies abandon the 'old Standard due to greatfluctuations in the currenc+ (arkets in the period bet-een !! I and !!II the+in stead enter the interstate Bretton !oods agree(ent in 9D through -hich

the currenc+ of e*er+ nation is co((itted to a certain rate relati*e to the 0S"

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dollar;)he 0S"dollar no- functions as 4surrogate for the 'old Standard and the(one+ for( is rather guaranteed b+ the strength of the 3(erican econo(+ thanb+ the intrinsic *alue of goldD Follo-ing ?ions de*aluation of the dollar theBretton !oods s+ste( collapses in 9D>6 and the current s+ste( e*ol*es in -hich

currencies float freel+ -ithout being linked to gold or an+ other eternal point ofreference In co(bination -ith gro-ing globalisation of the econo(+ " -ith!estern co(panies outsourcing production to lo- cost regions in China andSouth =ast 3sia -hile selling, -ith products being sold globall+ and -ithtechnological de*elop(ents enabling a global financial (arket the collapse ofBretton !oods institutes ne- conditions for the circulation of co((odities andcapital97

In post"industrial globalised post"Bretton"!oods capitalis( the echange ofcapital and co((odities take place across se*eral different currenc+ regions andso across se*eral different (onetar+ s+ste(s Production, consu(ption andfinancing are dispersed and toda+ it is far fro( unusual for a co((odit+ to beproduced in China, consu(ed in 0S -hile the -hole operation is financed fro('er(an+ )his dispersion installs a particular *ulnerabilit+ in the capitalist s+ste(for accu(ulation of surplus"*alue Fluctuations in the interrelationship bet-eendifferent currencies and (one+ (arkets (a+ influence the etraction of surplus"*alue and an other-ise certain profit (a+ risk being absorbed b+ a rise in thecurrenc+ rate in the countr+ producing the co((odit+, a decline in the currenc+rate of the (arkets bu+ing the co((odit+ or a rise in the interest rate of theloans financing the production

3s illustrated in figure 9, the circulation of co((odities and capital in industrialcapitalis( take place -ithin the sa(e (one+ for(, ie -ithin the sa(ei(aginar+ order integrated b+ (one+s reference to gold 3s long as pricing andechange of capital and co((odities takes place -ithin one and the sa(e(onetar+ s+ste(, the onl+ condition for profit to be generated is for theechange"*alue of labour to be set lo-er than its use"*alue In Lacanian ter(s,industrial capitalis( is backed b+ an i(aginar+ big Other

In post"industrial globalised capitalis( there is no all"inclusi*e big Other butrather a nu(ber of 4little others constantl+ (o*ing in relation to each other )hisfrag(entation of the i(aginar+ order adds +et another di(ension to the

distribution of *alue in societ+ )he (one+ for( is no longer just a neutral(ediu( for the echange of capital and co((odities In stead the fluctuationsbet-een different (one+ (arkets constitute a ne- di(ension for redistributionof *alue in societ+)he (ost (arked s+(pto( of the frag(entation of the i(aginar+ order in the

transistion for industrial to post"industrial capitalis( is the e(ergence and

; Panic, 1 9DDJ: The retton !oods system" conce#t and #ractice, in: 1ichie, ES(ith, ' A=ds: 1anging the 'lobal =cono(+, Oford: Oford 0ni*ersit+ Press, 8>"J

DAS(ithin 9DDD: 677> Br+an E 2affert+ 677G: 998973k+QR, Mil(aR 9DDJ: Taming $nternational Finance, in: 1ichie, E S(ith, ' A=ds:

1anging the 'lobal =cono(+, Oford: Oford 0ni*ersit+ Press, JJ"D9

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eplosi*e gro-th in the (arket for so"called financial deri*ati*es such as futures,options, s-aps, etc ALiPu(a E Lee 6776 #eri*ati*es is a future contract gi*ingone part+ the option or obligation to trade a gi*en currenc+ or other financialasset -ith another part+ at a set price at so(e specified ti(e in the future

Financial deri*ati*es function to counterbalance insecurit+ in the financial(arkets b+ allo-ing co(panies to hedge against possible fluctuations in the(one+ (arket Fro( being *irtuall+ non"eisting in the earl+ 9D>7s the (arketfor financial deri*ati*es trading has gro-n dra(aticall+ to a staggering J9Gtrillion dollars in outstanding a(ounts b+ 677> ABIS 677> )he e*olution ofderi*ati*es is an epression of the transfor(ation of (one+&s i(aginar+ functionin post"industrial capitalis( ABr+an E 2affert+ 677Ga: ;>

It has been argued that deri*ati*es constitute an entirel+ ne- for( of (one+APr+ke E 3llen 6777 Br+an E 2affert+ 677Gb 677> Instead of (one+ beinggrounded in an as+((etrical relation bet-een the (arket and the state, (one+is no- regulated in s+((etrical relations bet-een different actors -ithin the(arket )rust in (one+ thus is based on the i(agination of a net-ork of (utualinsurance dispersing the da(aging effects of fluctuations in the (one+ (arketo*er a great nu(ber of actors (ini(ising the effects of the indi*idual actor )hei(aginar+ function of the state as the big Other guaranteeing con*ertibilit+ of(one+ is substituted for an i(age of a collecti*e of little others counterbalancingeach other ABr+an E 2affert+ 677>)he (arket stabilising effects of hedging b+ (eans of deri*ati*es is ho-e*er

onl+ one side of the coin )he (one+ (arkets are not just direct reflections of

eternal e*ents, independent fro( this (arket such as draughts, strikes, ne-disco*eries of natural resources or other occurrences, -hich ha*e an i(pact onthe econo(ic acti*it+ in a particular region 3ctors in the (arket not onl+ act onsuch occurrences but also on their epectations of other rele*ent actors& actionsand on other actors& epections of other actors& actions and so on ad infinitum

)his gi*es the (one+ (arket its o-n endogenous and al(ost h+steric d+na(ic(ore or less uncoupled fro( the eternal -orld ABr+an E 2affert+ 677Ga: 96D

#eri*ati*es not onl+ facilitate insurance fro( risks through hedging but inthe(sel*es also contribute paradoicall+ to the creation of the *er+ sa(e risksthat the+ pro*ide insurance fro( ALiPu(a E Lee 677J 3rnoldi 677 #eri*ati*es

trading creates a net-ork of interconnections bet-een different actors anddifferent assets in the (arket )he i(plications of an indi*idual e*ent such as thecrash of a gi*en co(pan+ or the price fall of a gi*en co((odit+ (a+ thus spread-ith al(ost si(ultaneous effects to (an+ other parts of the (arket A3k+QR 9DDJPr+ke E 3llen 6777 )ickell 6777 Since deri*ati*es free fro( o-nership of theunderl+ing assets the+ pro*ide opportunit+ for great le*erage !ith a relati*el+lo- in*est(ent it is possible to assu(e a relati*el+ high risk )his (akesderi*ati*es particularl+ suited for speculation It also (eans, ho-e*er, that theeffects of a local crisis (a+ spread not onl+ linear but eponentiall+ in the (arket-hereb+ the da(aging effects of the crisis are (ultiplied 'reat le*erage also

>


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enables big actors on the (arket to undertake transactions of such (agnitudethat the+ can steer the (one+ (arket in a certain direction b+ -a+ of their o-ntransactions thus being able to profit fro( self generated effects in the (arket'i*en the siRe of the (arket for financial deri*ati*es it has been suggested, that

&in the age of finance and speculati*e capital it see(s that instead of theecono(+ dri*ing the (arkets, the (arkets are dri*ing the econo(+& ALee ELiPu(a 6776: 67D Speculation as such is not a ne- in*ention of post"industrialcapitalis( !hat is ne-, ho-e*er, is that instead of speculating in fluctuations inthe prices of real assets: corn, oil, steel, -eapons or e*en shares in realproducti*e co(panies, deri*ati*es facilitates speculation in the price of (one+epressed in interest rates or echange"rates bet-een different currenciesALiPu(a E Lee 677J: 7>

3t the sa(e ti(e, deri*ati*es are both insurances against fluctuations in thefinancial (arkets and catal+sts for destabilisation of the *er+ sa(e financial(arkets If industrial capitalis( is a capitalisation of the real, post"industrialcapitalis( is a capitalisation of the i(aginar+ )he i(aginar+ has the for( of aphantas(99)he i(aginar+ structures the relationship bet-een the real and thes+(bolic on the basis of an i(agination of -hat things (a+ beco(e 0nder the'old Standard the (one+ for( structures the relation bet-een co((odit+ andcapital on the basis of the phantas( that (one+ can beco(e gold 3s long asthis phantas( is sustained, the (one+ for( constitutes a stable fra(e for theechange of co((odities and capital In post"industrial capitalis( after Bretton!oods the (one+ for( is ho-e*er destabilised )here is a per(anent

uncertaint+ as to -hat (one+ (a+ beco(e, -hat (one+ (a+ be echanged forand at -hat price )he i(aginar+ order is no longer onl+ a stable fra(e but afrag(ented s+ste( of seg(ents, constantl+ fluctuating in relation to each other#eri*ati*es are an epression of a capitalisation of the i(aginar+ order -hich hasrealised the frag(entation of the i(aginar+ order and is seeking to profit fro(fluctuations -ithin the order

Figure 6 belo- is an illustration of the econo(+ of post"industrial capitalis( 3sin industrial capitalis( *alue is produced in the order of the real b+ laboursprocessing of nature and this *alue is further(ore redistributed in the s+(bolicorder *ia the circulation of capital and co((odities !hat is ne- in post"

industrial capitalis( is that production and circulation of *alue no longer takeplace -ithin a unitar+ (one+ for( In stead the i(aginar+ order is frag(entedinto se*eral different (one+ (arkets, each fluctuation in relation to the others1one+ no longer functions as uni*ersal e$ui*alent but as a series of particulare$ui*alents Fluctuations bet-een these e$ui*alents enable ne- redistribution of*alue B+ trading deri*ati*es it is possible to either take insurance against suchredistribution through hedging or take ad*antage of the redistribution throughspeculation

99Niek, Sla*oj A677G The Parallax %ie& Ca(bridge: )he 1I) Press s 7

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Figure 2: Three Orders of Post-Industrial Capitalism

Money ascapital

Money ascapital/profit

Labour as

commodity

Labour asproductive force

The Symbolic

The Real

The Imaginary

The Imaginary

The Imaginary

Money as particular

equivalent 1

Money as particular

equivalent 3

Money asparticular equivalent 2

!e shall no- (o*e on to the anal+sis of poker !e shall see ho- a *er+

characteristic feature of poker is that it in*ol*es the abilit+ or read and controlfluctuations of the i(aginar+ order of the ga(e and take ad*antage of thesefluctuations in order to redistribute the *alues, -hich are at stake in the ga(e

Pla+ing Poker


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(a+ also beco(e (entall+ i(balanced, 4go on tilt, and regress fro( pla+ing as agrinder to pla+ing like a sucker !ithin each ideal t+pe there are possible*ariations in +our st+le of pla+ing, ie if +ou are loose or tight Apla+ing (an+ orfe- hands before the flop or if +ou are passi*e or aggressi*e Adefensi*e or

offensi*e betting In the follo-ing -e shall be going into these *ariations onl+*er+ little

)he SuckerIf +ou can&t spot the sucker in the first half an hour at the table, then +ou arethe sucker Afro( the fil( 2ounders 6777

3t first glance poker (a+ see( to be a ga(e of pure chance in line -ith otherga(bling ga(es such as roulette, craps or black"jack =ach pla+er is dealt a handand chance decides -ho gets the strongest hand )he basic point in poker is

ho-e*er, as enn+ 2ogers epressed it in his fa(ous song: K'ou have to kno&&hen to hold(em ) *no& &hen to fold(emK Mou ha*e to be able to recognise -hena hand is -orth betting -ith and -hen it is best to get out of the hand )rue, luckis a factor in poker, but there are different -a+s to relate to luck

One -a+ of pla+ing poker is to pla+ +our luck 3 pla+er holding 8 9 (a+choose to call an opponents raise before the flop hoping his hand -ill de*elopinto a straight and thus -inning hi( the pot96Since the likelihood of this pla+erha*ing co(pleted his straight, -hen all the cards are out is *er+ sli( Aappro9;T, he is going to need a fair portion of luck in order to -in the hand)his -a+ of pla+ing poker is co(parable to pla+ing for instance roulette )he

roulette pla+er puts his (one+ at stake in the hope that luck -ill co(e to hi( inturn 2oulette is a ga(e deter(ined b+ forces outside of the pla+ers control It ispossible to think of poker in the sa(e -a+ !e shall ter( the pla+er -ith thisapproach to poker as the sucker)he sucker is t+picall+ a loose pla+er pla+ing a relati*el+ high rate of hands on

the flop98Since an+ hand (a+ in principle end up being the hand taking ho(ethe pot, it (a+ see( reasonable to pursue an+ hand if +ou are pursuing +ourluck =*en 72Astatisticall+ the -orst poker hand (a+ end up being a -inningfull house and -ho kno-s if this particularl+ -eak hand is not precisel+ an o(en

that a fa*ourable flop is in its -a+ and that luck is lurking just around the cornerSince the sucker pla+s (an+ hands he -ill also -in a fair a(ount of hands.o-e*er, if he is up against better pla+ers, he is (ost probabl+ going to -in *er+little (one+ on the hands he&s -inning and a lot of (one+ on the hands he&slosing, the net result a(ounting to a substantial loss .e (a+ ha*e fun pla+ingbut he is likel+ to loose his (one+ in the long run )his is -h+ -e call this t+pe of

96Since )eas .old=( is the (ost popular and -idespread for( of poker toda+ this -illbe the for( of poker anal+Red in the paper

98)he sucker (a+ also be a tight pla+er -aiting for luck to co(e his -a+ alread+ beforethe flop and thus onl+ pla+ing the *er+ best hands such as 33, or 3 )his kind ofsucker is (ost likel+ going to see his (one+ being eaten b+ the blinds

97


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pla+er the sucker !hen pursuing his luck, al-a+s hoping the net card -ill turnthing around and sa*e hi(, the sucker is pla+ing poker in the order of the real

)he sucker addresses the real in a *er+ i((ediate for()he sucker does not percei*e the real as a stochastic distribution to be

s+(bolised and calculated through probabilit+ theor+ In stead he sees the realal(ost as an assistant or an opponent to be allured or defeated !hen the suckeris pla+ing poker he is first and fore(ost rel+ing on his luck

)he 'rinderIn the long run there&s no luck in poker, but the short run is longer than (ostpeople kno- ABennet 9DDJ:6>7

For the grinder poker is in no -a+ a ga(e of luck but rather a ga(e ofstatistical calculation and deducti*e logic )he grinder does not pursue luck+

dra-s but rather relies on the la- of great nu(bers pro*iding hi( -ith an edgein the long rung thus grinding out his profit through consistent pla+ing .e relieson probabilit+ theor+ in order to neutralise the chance ele(ent of poker .eeercises -hat .acking ter(s as taming of chance A.acking 9DD7 )he grinderkno-s that luck is rando(l+ distributed -hich is al(ost the sa(e as sa+ing thereis no such thing as luck In stead of -aiting for luck to help hi( in an+ situation,the grinder seiRes the (o(ent -hen he finall+ does get a good hand and (akesthe (ost (one+ of the particular situation -hile at the sa(e ti(e tr+ing toreduce his losses -hen he has a bad hand

3t an+ point in the ga(e the grinder -ill calculate the strength of his handbased on its current *alue and its probabilit+ of i(pro*ing -ith (ore cards toco(e co(pared to the esti(ated current and potential strength of the hands ofother pla+ers in the pot Consider the follo-ing hand: Pla+er 3 is holding 6 7and the board sho-s 2 91 !after the turn Currentl+ the hand is -orthless,but -ith one (ore card to co(e, the hand has significant chances of i(pro*inginto a straight or a flush on the ri*er Athe hand has 96 outs and a probabilit+ of6GT of i(pro*ing !hen deciding to check, fold, bet or raise the pla+er -illdeduct fro( the other pla+er&s betting actions the likel+ strengths of their handOnl+ pla+er left in the pot is pla+er B -ho bet out fro( earl+ position pre"flop and

checked on the flop Pla+er B is first to act and bets again !orking back-ardsfro( B&s betting action, pla+er 3 puts B on a pair of aces If pla+er B (akes as(all bet, sa+ 9/97 of the pot, 3 (a+ be justified in calling since the price ofsta+ing in the pot is co*ered b+ the probabilit+ of dra-ing to a flush or straightand -inning the pot 3 stands an approi(ate 9 to 8 chance of getting paid back99 ti(es his bet If ho-e*er pla+er B (akes a big bet, sa+ the siRe of the pot, 3-ill fold since the bet -ill not pa+ off in the long run In this case his chances of-inning are still 9 to 8 but he -ill onl+ get paid t-ice his bet if he -ins

In li(it poker, since betting is restricted, it is fairl+ predictable, ho- (uch it isgoing to cost a pla+er to sta+ in a pot until sho-do-n and ho- (uch is going to

be in the pot at the end )hus, using probabilit+ theor+ the epected *alue of a

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gi*en bet, ie the a*erage -in or loss of betting a gi*en hand, (a+ at an+ gi*enti(e be calculated -ith a reasonable a(ount of certaint+ If a pla+er bases hisbetting action on such calculation, he (a+ so(eti(es loose on a luck+ dra- b+his opponent, but according to the La- of 'reat ?u(bers in the long runhe -ill

be -inning )his philosoph+ of the grinder is spelled out in Sklansk+&sFundamental Theorem of Poker:

=*er+ ti(e +ou pla+ a hand differentl+ fro( the -a+ +ou -ould ha*e pla+ed itif +ou could see all +our opponents& cards, the+ gain and e*er+ ti(e +ou pla++our hand the sa(e -a+ +ou -ould ha*e pla+ed it if +ou could see all theircards, the+ lose Con*ersel+, e*er+ ti(e opponents pla+ their handsdifferentl+ fro( the -a+ the+ -ould ha*e if the+ could see all +our cards, +ougain and e*er+ ti(e the+ pla+ their hands the sa(e -a+ the+ -ould ha*epla+ed if the+ could see all +our cards, +ou lose ASklansk+ 9D;>: 9>"9;

)he theore( i(plies that betting action should be based on statisticale*aluations of the epected *alue of ones o-n hand and deducti*e assess(entsof the opponents hand *alues )he edge of the grinder lies in his abilit+ to assessthe current *alue of his hand (ore accuratel+ than his opponents and (ake theopti(al bet on this basis)he grinder operates in the order of the s+(bolic .e echanges cards for

(one+ at the opti(al price, ie his esti(ation of the *alue of his hand is a for(of s+(bolisation Contrar+ to the sucker, the grinder&s s+(bolisation of his hand-orks on the pre(ises of the s+(bolic order b+ being based on deducti*e logicand probabilit+ theor+ !hen the sucker decides -hen to bet or fold he is rel+ing

on forces outside of the s+(bolic order, that is on luck Luck belongs to the orderof the real !hile the sucker is pla+ing his luck, the grinder is rather pla+ing thecards

3 crucial precondition for the deducti*e logic of the grinder is that he (ustascribe so(e for( of rational reasoning to his opponent .e reads his opponentb+ counting back-ards fro( the opponents betting action )he proble( hereinho-e*er is that +ou cannot ascribe the sa(e unifor( rationalit+ to e*er+ kind ofpla+er =*er+ pla+er is a particular t+pe of pla+er -ith a particular st+le ofpla+ing One pla+er betting in earl+ position pre"flop does not necessaril+ (eanthe sa(e as another pla+er (aking the sa(e (o*e )his is the 3chilles& heal of

the grinder=*er+ pla+er in a ga(e of poker (akes up his o-n i(aginar+ order, structuring

the relationship bet-een the real and the s+(bolic =*er+ pla+er generates hiso-n fantas(ic i(agination about -hat a gi*en hand (a+ turn into and decideshis betting action accordingl+ )his (eans that a gi*en bet does not representthe strength of a hand in a 9:9 relationship )he bet is rather the product of a(iture of the real strength of the hand gi*en the standing of the ga(e and thepla+ers i(aginar+ idea of the hand&s potential )he i(plications of this -orks t-o-a+s

First, the grinder has to ascribe a certain rationalit+ to his opponent in order to

deduce fro( the opponents betting actions to the likel+ nature of the opponents

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14/22

naturall+ the distribution of cards is still nor(all+ distributed, the dra(aticfluctuations in pot siRes in no"li(it poker (ake the indi*idual hands al(ostinco(parable -ith regards to their i(portance to the o*er"all ga(e Probabilit+theor+ naturall+ also applies to no"li(it poker 3n open ended straight dra- such

as 6 7and the board sho-ing " 8 # still has ; outs and a 86T chance ofco(pleting on the turn or ri*er, regardless if the ga(e is li(it or no"li(it )hedifference is ho-e*er that the epected costs of sta+ing in the pot duringre(aining betting rounds until sho-do-n and the epected siRe of the pot atsho-do-n cannot be (athe(aticall+ esti(ated -ith the sa(e a(ount ofcertaint+ in no"li(it as in li(it )he pot siRes fluctuate (uch (ore dra(aticall+ inno"li(it upsetting the (athe(atical calculations, -hich are based on co(parisonbet-een the chances of ha*ing the best hand at sho-do-n and the bet siRerelati*e to potential pot siRe at sho-do-n Apot odds If ho-e*er the pot siRes ofdifferent hands fluctuate bet-een U97 and U9777 rather than U97 and U977, thiscalculation is se*erel+ disturbed

In no"li(it a (uch -ider range of starting hands are potentiall+ pla+able andthe $uestion of ho- to pla+ a gi*en hand is (uch (ore open 'enerall+, it is(ore difficult to point to the &correct& -a+ of pla+ing a hand in no"li(it than inli(it In no"li(it the range of &correct& pla+s -ill generall+ be (uch -ider than inli(it and it -ill depend on a (ore co(ple set of factors )he betting structurein*ites the pla+er to take greater chances and go for dra-s less likel+ to succeed,since the prospect of going all"in -ith a co(pleted hand (a+ justif+ the a(ountin*ested in calling a bet to get (ore cards on the turn and ri*er Further(ore, the

risk in*ol*ed in betting on a (arginal hand (a+ be co(pensated b+ thedecepti*e *alue of the hand, if it is co(pleted In li(it poker, the grinder (a+rel+ on the *alue of such deceptions being le*elled out in the long run But in no"li(it poker, the long run (a+ suddenl+ be cut *er+ short -hen a pla+er is trappedb+ an all"in bet )his issue is illustrated b+ the deciding hand in the 9D;7 !orldSeries of Poker bet-een Stu 0ngar and #o+le Brunson

.eads up at the final table the t-o pla+ers are al(ost e*en in chips Brunsonraises -ith ! 7 and 0ngar calls -ith the 5 4 )he pot is at approi(atel+U9>,777 -hen the flop co(es ! 7 2, gi*ing Brunson top t-o"pair and 0ngarfour outs to a straight dra- 0ngar checks, Brunson (akes a bet of roughl+ the

siRe of the pot and then 0ngar calls )he turn brings the 3, co(pleting 0ngar&sstraight 3t this point, 0ngar bets out about U87,777 and Brunson (o*es all"in

)he ri*er brings the 2 and doesn&t help Brunson 0ngar -ins the hand as -ell asthe cha(pionship

In a li(it ga(e 0ngar -ould not be justified in calling Brunson&s bet on the flopand perhaps not e*en his pre"flop bet !ith the prospect of Brunson e*entuall+going all"in ho-e*er, 0ngar -as offered sufficient i(plied pot odds to (ake hiscall -ith onl+ four outs Ironicall+, Brunson -as defeated b+ his o-n -eapon,since he -as to one to point out the decepti*e *alue of pla+ing s(all suitedconnectors Acards -ith adjacent *alues of si(ilar suit because of their potential

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for de*eloping into straights and flushes -ithout the opponent sensing thedanger ABrunson 9D>;: ;>

In no"li(it poker (ore hands are pla+able pre"flop than in li(it but at the sa(eti(e fe-er hands are pla+ed through to sho-do-n &$n +imit Poker, you must

sho& do&n the best hand most of the time to &in- $n .o/+imit, on the other hand,

you more often than not take a #ot &ithout ever sho&ing your hand& ABrunson6D )his is partl+ due to the fact, that the unli(ited betting structure gi*es +outhe option of challenging an opponent for a larger part or e*en all of his (one+thus accentuating the role of bluffing in no"li(it poker In li(it poker +ou ha*e topla+ +our cards to their eact *alue -ith occasional bluffs to keep +our opponentfro( reading +ou to -ell, but in no"li(it +ou +ourself -ill be (ore likel+ to bluff(ore often and +ou -ill constantl+ be faced -ith the possibilit+ of other pla+ersbluffing )his sa(e applies to slo- pla+ing strong hands in order to keepopponents contributing to a pot +ou are epecting to -in, -hich is also (oreco((on in no"li(it )he object of bluffing (a+ indeed be to generall+ disguise+our st+le of pla+ing but often bluffing is used si(pl+ to take ho(e (ore potsthan is justified b+ the cards Perhaps the (ost fa(ous bluff in poker histor+ -as(ade b+ ack Straus Areported in 3l*areR 9D;8: 98>"98;

In a high stakes no"li(it ring ga(e Straus is dealt the -orst possible hand, ase*en and a deuce off suit Being &on a rush& Straus ne*ertheless raises pre"flop-ith one pla+er sta+ing in the pot )he flop co(es se*en, three, three gi*ingStrauss t-o pairs !hen Straus bets again his opponent reaches $uickl+ andunhesitatingl+ for his chips and Straus b+ then kno-s he has (ade a (istake

!hen the (an confidentl+ raises U J777, Straus figures he is holding a big pairIn stead of (aking the ob*ious (o*e of folding, Straus *entures into his bluff b+calling )he turn brings another deuce pairing Straus& other hole card but noti(pro*ing his hand !ithout hesitation Straus bets out U 9;777 )he opponentpauses for a long -hile conte(plating the bet -hen Straus (akes hi( theunusual offer, that for U 6J he can pick an+ one of Straus& hole cards and Straus-ill sho- it to hi( )he opponent accepts the offer and Straus turns o*er hisdeuce Figuring that Straus -ould onl+ (ake his offer if he -as holding t-o cardsof si(ilar *alue, ie a pair of deuces, gi*ing Straus a full house, the (anreluctantl+ folds

Since there are (an+ (ore -a+s to pla+ a hand &correctl+& in no"li(it than inli(it poker it is also (uch (ore difficult to count back-ards fro( an opponent&sbetting actions and deduce the likel+ nature of his hand In reading an opponent,it is not sufficient to appl+ uni*ersal (athe(atical rationalit+ to his bettingaction Mou need to look for ph+sical tells in the opponent such as aggression,-hen he is bluffing, disappoint(ent, -hen his hand is busted, or ecite(ent,-hen he (akes a hand 1ore i(portant is the abilit+ to deduce the opponent&sst+le of pla+ing fro( the histor+ of his betting action o*er the course of (ultiplehands #oes he pla+ (an+ hands pre"flop5 #oes he bet aggressi*el+ -ith an+hand or does he onl+ bet -hen he is certain to ha*e the best hand5 Is he a

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bluffer5 3nd does he ha*e an affinit+ for a particular t+pe of hand, eg s(all pairsor suited connectors5 )his abilit+ (a+ certainl+ pro*e useful in li(it poker but inno"li(it poker it is absolutel+ crucial

3 li(it ga(e is decided graduall+ o*er the course of a long series of hands In a

no"li(it ga(e the entire ga(e being (a+ be decided on one single hand, -heret-o pla+ers go all"in -ith e*er+thing the+ ha*e on the table )he judge(entneeded in such situations cannot be reduced to logic and (athe(atics In orderto (ake his decisions the no"li(it pla+er (ust kno- not onl+ the probabilities ofthe cards he (ust kno- the indi*idual st+le, te(per and character of hisopponent)he ele(ents of st+le and character not onl+ appl+ in relation to reading the

opponent but also in relation to the opponent&s reading of oneself ?ot onl+ doesthis (ean that +ou ha*e to disguise and *ar+ +our -a+ of pla+ing in order to(ake it difficult for the opponent to read +ou )he skilled pla+er -ill e*en be ableto (anipulate his table i(age in order to (ake opponents read hi( in a certain-a+, thus trapping the( -hen the right opportunit+ arises )his -a+ of &putting apla+& on so(eone is one of the (ost spectacular features of poker 3gain ackStraus (akes for perfect illustration Areported in 3l*areR 9D;8: 86"8

In a high stakes no"li(it ring ga(e the opponent, esse 3lto, raises the openingbet -ith $ 8and then calls -hen re"raised b+ Straus !ith onl+ 3lto and Strausleft in the pot, the flop brings king, ten and eight of different suits Slo-pla+inghis hand, 3lto checks and Straus (akes a (oderate, considering the standards ofthe ga(e, bet of U 9777 Figuring to ha*e successfull+ trapped Straus, 3lto

raises U J777 3fter a long period of thinking and -atching his opponent, Strausre"raises U J7777 setting 3lto in for all his (one+ 3lto conte(plates thealternati*es Is Straus holding a king and an ace in the hole5 #oes he ha*e t-opairs like 3lto hi(self5 #oes he ha*e a set -ith kings, tens or eights in the hole5Is he on a dra- -ith $ueen jack in the hole5 Or, is Straus si(pl+ li*ing up to hisreputation of being the (aster of bluff5 3lto decides to call and since he is all"inthe rest of the cards are dealt -ith no (ore betting Straus turns o*er a pair oftens co(pleting a set and his hand holds up -hen the turn brings a se*en andthe ri*er a four )o understand the course of the hand it should be noted that inthe pre*ious hour of pla+ing, Straus had bet t-ice in precisel+ the sa(e pattern

but -ith far -eaker cards Both ti(es 3lto had called hi( and -on but for (uchs(aller a(ounts In hindsight it turns out that Straus& i((ediate losing bets -ereonl+ (eans to build up a certain i(age setting 3lto up for the kill)he eponential character of the betting structure of no"li(it poker opens up

the i(aginar+ di(ension of poker )he indi*idual hands de*elop in a (uch (oreunpredictable -a+ o*er the course of the betting rounds than in li(it poker!hen calculation beco(es insufficient i(agination takes o*er For the grinder,the i(aginar+ di(ension is a source of error to be eli(inated or at leastneutralised For the pla+er, on the contrar+, the i(aginar+ di(ension is a space

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of infinite possibilities to be eploited, an etra co(part(ent in the toolbo ofpoker

!hen calling on a dra- in the epectation of being able to lure his opponent all"in if the hand is (ade, the pla+er is rel+ing on his o-n i(agination of -hat the

hand (a+ turn into and he is at the sa(e ti(e taking into account theopponent&s i(agination of the hand In the abo*e illustration, 0ngar is takingad*antage of a discrepanc+ bet-een his o-n i(aginar+ order and Brunson&si(aginar+ order !hen bluffing, the pla+er eploits the elasticit+ of his o-ni(aginar+ order, -hich allo-s hi( to s+(bolise his hand in a -a+ totall+inconsistent -ith its real content 3t the sa(e ti(e he is counting on the rigidit+of his opponent&s i(aginar+ order not being able to i(agine such inconsistenc+bet-een the s+(bolic and the real 3gain *alue is redistributed throughdiscrepancies bet-een the i(aginar+ orders of the indi*idual pla+ers 3nd -henputting so(eone on a pla+, as Straus is doing to 3lto, the pla+er e*en(anipulates the opponent&s i(age of the pla+er&s i(aginar+ order creating +etanother for( of discrepanc+ bet-een the t-o orders to be eploited forredistribution of *alue

!hile the sucker is pla+ing the luck, and the grinder is pla+ing the cards, thepla+er is pla+ing the (an

?o"li(it Capitalis(4In (+ *ie-, deri*ati*es are financial -eapons of (ass destruction ABuffet6776: 9J9

4I go into a poker ga(e -ith the idea of co(pletel+ destro+ing it ABrunson9D>;:6G

!e ha*e no- seen ho- the circulation of *alue in poker takes place along threedifferent di(ensions 3ccordingl+, indi*iduals in the ga(e (a+ take three idealt+pical positions corresponding to their -a+ of pla+ing the ga(e In figure 8belo- it is illustrated, ho- the three -a+s of pla+ing poker corresponds to ane(phasis of the real, the s+(bolic and the i(aginar+ di(ensions of the ga(erespecti*el+

Figure %: Three Orders of Po&er

9 Buffet, !arren A6776: erkshire 0atha&ay annual re#ort for 1221 Berkshire.atha-a+ Inc, O(aha

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Betting as optimalmathematicalrepresentation

Win as opponentsaverage deviationfrom optimal play

istribution ofcards

!hance

Symbolic

Real

Grinders Imaginary

Suckers Imaginary

Players

Imaginary

Luc" andirrational belief

#tatistics anddeductive logic

$mpathy andmanipulation

)he sucker is pla+ing his luck in the order of the real .e belie*es the ga(e tobe go*erned b+ chance and thus luck .e -ill be -inning so(e hands si(pl+ b+

being dealt strong hands, (aking luck+ dra-s or b+ accidentall+ being (isreadb+ opponents because his pla+ing follo-s no rational pattern, but in the long runhe is (ost likel+ to loose his (one+ being outpla+ed b+ the grinder or the pla+er

)he sucker is thus the one feeding the ga(e -ith (one+ .e is also thusso(eti(es referred to as a 4fish, (eaning that he is at the botto( of the foodchain destined to be eaten b+ sharks, as an 43)1, (eaning that he is the onedispensing cash into the ga(e, or si(pl+ as the 4producer of the ga(e)he grinder is pla+ing the cards in the order of the s+(bolic .e sub(its e*er+

decision in the ga(e to logical scrutin+ and to hi( poker is a contest on

(athe(atical opti(isation .e relies on being able to outpla+ opponents b+esti(ating the *alue of a hand at e*er+ (o(ent of the ga(e -ith superioraccurac+ Being up against inferior opponents, the grinder -ill grind out a stead+-in b+ profiting on other pla+ers& errors, ie their de*iations fro( (athe(aticall+opti(al pla+ Further(ore, he is counting on the La- of 'reat ?u(bers e*eningout in the long run e*entual luck+ dra-s b+ his opponents)he pla+er is pla+ing the (an in the order of the i(aginar+ .e (asters the

sa(e calculations as the grinder and he is a-are of -hat -ould be consideredthe &correct pla+& in a gi*en situation So(eti(es he -ill pla+ the correct pla+ butat ti(es he -ill deliberatel+ de*iate fro( the logical pattern in order to lure and

trap opponents .is strength lies in his capacit+ for e(path+ and ps+chological

9;


19/22

(anipulation )he pla+er pro*okes fluctuations bet-een his o-n i(aginar+ orderand his opponent&s and -hen the difference bet-een the t-o is in his fa*our hestrikes b+ putting a fatal pla+ on his unkno-ing opponent)he three di(ensions and the three possible positions in poker are co(parable

to the di(ensions and possible positions in conte(porar+ post(odern capitalis(as a s+ste( for circulation of *alue

Since poker is a Rero"su( ga(e ob*iousl+ there is no production of *alue in thega(e ?e*ertheless the position of the sucker in poker (a+ be co(pared to thatof the -orker in capitalis( ust like the -orker, the sucker acts in the (osti((ediate relation to the real )he -orker produces *alue b+ processing the real,in the for( of natural products )he sucker is onl+ -ins -hen the real, in the for(of rando(ness, graces hi( -ith a strong hand or a luck+ dra- 3nd just like the-orker is the one feeding the capitalist s+ste( -ith surplus *alue to be eploitedb+ capitalists and speculators, it is the sucker -hich feeds the ga(e of poker-ith (one+ to be redistributed in the order of the s+(bolic and the i(aginar+ infa*our of the grinder and the pla+er)he grinder (a+ be co(pared to the position of the traditional capitalist )he

capitalist accu(ulates profit b+ pricing labour at an echange *alue -hich isbelo- the actual use *alue of producti*e labour In si(ilar fashion the grindergrinds out his profit b+ @trading@ the sucker&s hand at a price de*iating fro( the(athe(aticall+ opti(al )he grinder is betting his hands at a &price& -hich isopti(al according to the (athe(atical logic of the s+(bolic order 3t the sa(eti(e he is -aiting for the sucker to (ake (istakes b+ either betting to high,

folding to earl+ or other-ise de*iate fro( the actual *alue of his hands )hesucker operates in the order of the real but *alue in the ga(e is distributedaccording to the rules and rationalities of the s+(bolic order )he grinder eploitsthis difference )he difference bet-een the grinder&s and the sucker&s respecti*ede*iations fro( opti(al pla+ represents the grinders (argin of profit )his isco(parable to the rate at -hich the capitalist eploits the -orker in generalcapitalis( )he capitalist guards hi(self fro( threats to his business such asstrikes, etre(e -eather, ne- co(petition in the (arket, changes in consu(erpreferences, etc b+ adopting a long ter( perspecti*e .e (a+ eperience good(onths and bad (onths, good +ears and bad +ears -ith *ar+ing di*idends on his

in*est(ents but he kno-s that in the long run these fluctuations -ill e*en outsecuring hi( an o*erall stead+ profit

Finall+, the -a+ the pla+er a(asses *alue in poker is co(parable to the(anoeu*ring of the speculator in post(odern capitalis( )he speculator eploitsfluctuations bet-een different (one+ (arkets .e (a+ take a position in onecurrenc+ for (one+ borro-ed in another currenc+, profiting fro( sudden changesin the echange rate bet-een the t-o So(eti(es the speculator is e*en in aposition -here he hi(self pro*okes such changes )he speculator eploitscontractions and epansions in the *er+ for(s of (one+ causing discrepanciesbet-een different seg(ents of the i(aginar+ order of capitalis( In si(ilar

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fashion, the pla+er eploits discrepancies bet-een his o-n and his opponent&si(aginations of the ga(e )he speculator is not looking for stead+ di*idends onhis in*est(ents .e is looking to (ake lots of (one+ in a *er+ short ti(e andpreferabl+ in one single stroke )his e$uals the te(poralit+ of the pla+er&s ga(e

)he pla+er is not looking to slo-l+ grind out a stead+ profit but to (ake a big -inin one spectacular (o*e .e (a+ need the sa(e patience as the grinder but heis not -aiting for the La- of 'reat ?u(bers to e*en out chance but rather forchance at so(e ti(e to bring about that particular situation, he is planning toeploit for the big -in)he (o*e fro( li(it to no"li(it unfolds the di(ension of the i(aginar+ in poker

!ith a no"li(it betting structure, the conse$uences of di*ergences bet-eendifferent pla+er&s i(ages of a ga(e situation e*ol*e eponentiall+ )his (eans+ou can no longer rel+ on the La- of 'reat ?u(bers e*ening out the ga(e in thelong run if +ou just pla+ b+ the statistical odds =*en if +ou loose onl+ one singlehand (isjudging an opponent, this hand (a+ be eactl+ the one busting +ourentire bankroll)his is -h+ no"li(it poker is the for( of poker (ost e(phaticall+ si(ulating

post(odern capitalis( !ith the collapse of Bretton !oods and the floating ofcurrencies, the i(aginar+ order of capitalis( is frag(ented )here is no unifor(standard for the con*ersion of (one+ into *alue 1one+, the (ediu( for theechange of capital and co((odities, itself beco(es a co((odit+ to be tradedat different prices fluctuating o*er ti(e and space )here is no secure (ediu( fortrading and pricing co((odities and there is not e*en a safe refuge for the

storing of *alue )he dollar (a+ go up or do-n relati*e to the =uro -hich (a+ inturn (o*e relati*e to the +en and e*en bu+ing gold is not -ithout risk since thisis just another co((odit+, priced according to (arket fluctuations )he elasticit+of the (one+ for( cannot be ignored b+ an+ actor in the (arket, not e*en si(plecapitalists looking to (ake (one+ on old"fashioned eploitation =*en though thefinancial (arkets (a+ ha*e a largel+ *irtual character -ith fluctuations due topurel+ i(aginar+ and speculati*e causes, ie changes in the epectations of the(arket rather than actual changes in the (arket, the effects of these fluctuationson the rest of the econo(+ are often as real as draughts, strikes or -ar Sa+ ifspeculators increase the suppl+ of a gi*en currenc+ dri*ing do-n the price of this

currenc+, it -ill ha*e profound i(plications for a local (anufacturer i(portingra- (aterial for his production fro( other regions, for a local entrepreneurfinancing his business epansion -ith foreign capital, for all the -orkerse(plo+ed in these businesses and for the consu(ers in the region in so far aspart of their consu(ption consist of i(ported goods In a global econo(+ there isno safe place to hide fro( the -hi(s of the financial (arkets

Si(ilarl+, in a ga(e of no"li(it poker there is a constant risk of being pla+ed)he *er+ nature of poker is being a ga(e of inco(plete infor(ation ?o hand,apart fro( the stone cold nuts Athe best possible hand, has absolute *alue )he*alue of a hand depends on its strength relati*e to the opponents hands, thus

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pla+ers are forced to i(agine, -hich cards his opponents are holding !hentr+ing to deduce an opponents hand fro( his betting action there is a constantrisk that the opponent is deliberatel+ (isrepresenting his hand eg b+ bluffing a-eak hand or slo-pla+ing a strong hand Since each pla+er hold and lack

different pieces of infor(ation about the ga(e situation each pla+er -ill generatehis o-n i(aginar+ conception of the situation .ence, the i(aginar+ order of thega(e is frag(ented and great discrepancies bet-een different i(aginations are(ade possible In no"li(it poker, the effects of such discrepancies are (agnifiedand there is no -a+ of pla+ing +our cards safel+ Mou (a+ be able to neutralisethe fluctuations in the real, ie in the rando(ness of the cards, b+ using logic andstatistics but there is no -a+ of neutralising the fluctuations in the i(aginar+order b+ (athe(atical calculations ust like a boer, -ho lulls his opponent intoa certain rh+th( onl+ to deli*er a knock out punch on the off beat, the superiorpla+er -ill gi*e the i(pression of pla+ing according to a predictable pattern untilhis opponent feels confident being able to read hi( 3t this (o(ent the pla+er-ill de*iate fro( his pattern luring his opponent into a de*astating pla+

In philosophical ter(s, the si(ilarit+ bet-een post"industrial capitalis( and no"li(it poker is found in the i(possibilit+ of subordinating the i(aginar+ to thes+(bolic ?either financial (arkets nor the pla+ing st+les of skilled poker pla+ersare go*erned b+ definite rationalit+ allo-ing their (o*e(ents to be s+(bolisedand predicted logicall+ 3t the sa(e ti(e, the relation bet-een the s+(bolic andthe real is highl+ affected b+ fluctuations in the i(aginar+ order )he capitalist isne*er left at rest to just steadil+ and safel+ eploit the -orker .is profit is rather

constantl+ in danger of being s-allo-ed b+ the speculator 3nd there is no safeplace for the grinder to slo-l+ take ad*antage of the suckers (iscalculations .eis rather at constant risk of being 4pla+ed b+ the pla+er

In turn, since the speculator and the pla+er do not rel+ on generating theirprofit through stead+ gains in the long run but rather on big and sudden -ins,the+ beco(e (ore *ulnerable to the unpredictable nature of the real 3speculator (a+ ha*e correctl+ judged a currenc+ to be o*er*alued, sa+ 'BP, thusbeing in a position to profit fro( a for-ard contract to sell an a(ount of thiscurrenc+ at a gi*en future date .o-e*er, if the speculator holds a position inanother currenc+, sa+ Men, -hile -aiting for the Pound to drop to its 4proper

*alue, he is *ulnerable to fluctuations in the price of the Men If for instance apanis struck b+ a (ajor earth $uake causing a drop in the price of the Men, thespeculator (a+ incur a loss far greater than -hat he -as set to gain fro( hisfor-ard on 'BP .e (a+ ha*e been right in his sense of discrepancies in thei(aginar+ order but ne*ertheless de*astated b+ unforeseeable e*ents in the real

Si(ilarl+, a pla+er (a+ ha*e successfull+ put a pla+ on his opponent luring hi(into an all"in situation in -hich the pla+er has a (ajor statistical edge of -inningthe hand but still be at risk of being dra-n out !hen Straus sets 3lto all"in -iththree tens against t-o pairs after the flop, as described abo*e, 3lto still has an;T chance of catching either a king to co(plete his full house or t-o consecuti*e

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eights to gi*e hi( four of a kind Straus has created and taken ad*antage of adiscrepanc+ in the i(aginar+ order but he (a+ still end up losing due tounpredictable e*ents in the real 0nlike the grinder pla+ing in a li(it ga(e, thepla+er pla+ing no"li(it cannot rel+ on the La- of 'reat ?u(bers protecting hi(

fro( bad beats since a bad beat in a no"li(it ga(e (a+ turn out to be so costl+that the pla+er is thro-n out of the ga(e entirel+ )he ine*itable ele(ent ofchance in poker is -hat gi*es e*en the sucker a theoretical chance of beating thepla+er )his is the great seducti*e char( of poker that (akes suckers keepfeeding the ga(e -ith ne- (one+ e*en though the (one+ is (ost likel+ to be-on b+ grinders and pla+ers

Paper - What's in a Game

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