Re: kelly criterion
Bankroll management concepts don't particularly apply to the play of individual poker hands, or even the metagame within one particular session. Bankroll management comes into play in decisions of whether or not to sit down in a particular game.
In effect, in Kelly-betting terms, the "bet" one makes is one's buy-in when one sits down in a particular game. A Kelly-betting poker player is going to play in a game with betting limits that maximize the player's rate of growth of her bankroll.
It turns out, by the way, that the rule of thumb of requiring a bankroll of 300 big bets to play in a game corresponds to a "typical" winning player wagering with a Kelly criterion of 0.3, a value frequently held to be a good compromise between bankroll growth and protection from ruin.
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