Re: malmuth on bluffing
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He's referring to an equilibrium solution.
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no, i'm afraid he's not referring to an equilibrium solution. elsewhere in the essay, malmuth wrote:
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Suppose there are two players, lets call them A and B. They play exactly the same, except that on the end Player A will bluff 50 percent of the time and Player B will never bluff. Who do you think plays worse?
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malmuth's conclusion: "both A and B play equally bad".
a very bad conclusion that demonstrates a great misunderstanding of expected value. malmuth made a big mistake and i'm curious whether he ever explained how that happened (or even acknowledged it was an error).
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