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I'm not sure how that last part contradicts the idea of an equilibrium solution.
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the last part discusses two static situations--not some dynamic equilibrium process.
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I also doubt that a statistician/poker player does not understand expected value. But I haven't read the essay so I don't know. Maybe you could post more about it.
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here is a whole
thread devoted to the essay. have a look and see if you still think malmuth is talking about an equilibrium situation. it's obvious he isnt.