Poker Strategy and its Relation to Game Theory
http://www.cardplayer.com/cardplayer-magazines/65572-18-18/articles/14980-game-theory-and-poker-an-introduction
Chances are, most of us encounter many games every day, though we never consciously think at the time that our actions are part of a game. One such game that I encounter often is Texas hold’em, in which strategy is quite significantly based off of game theory. I found a guide on cardplayer.com which discusses the applications of game theory in poker and how it is used to improve play. The main objective in using game theory in poker is to help predict the other players’ strategies and improve your own play; this is accomplished by using different poker strategies with different players. Each player has a unique knowledge level of the game and there are many different situations one could be in that could alter their behavior, both of which contribute to a unique game when each hand is dealt.
As is stated in the article, the solution to a poker problem will most often be a mixed strategy where someone would play a certain strategy a certain percent of the time, and one or more other strategies certain percentages of the time. It is good to have mixed strategies in poker actually, because if you had one consistent strategy where for example, you were to fold pre-flop unless you had a pocket-pair or a set of J-Q or higher, your opponent would easily be able to decipher your strategy and use this information to play his best response. Varying your strategy will allow your opponent to have less knowledge of your playing-style and decrease the likelihood that they will be able to correctly decipher your strategy.
Here is a good example that was given in the article relating to varying playing styles with each players experience level: if someone raises a significant amount, say to over 5 times the big blind, they usually have a good hand. The author of this guide, a professional poker player, said that in his experience in this situation his opponent would likely have a medium pair or a high set such as A-K. Certain strategies could also be very useful against players with little knowledge of the game. If you happened to know for whatever reason that one of your opponents knows little about general poker strategy, then when you are heads-up against them you know to expect irrational behavior. For example, say I have A-K and raise to 3 big blinds; everyone else folds except one player, who goes all-in, giving me the option to call or not to call. If I have noticed that he has a low degree of skill and likely has a lower kicker than I, such as in a hand of A-J, then I will call. Once this information has been exploited, it can be used to generate pot-odds which, when used correctly and with enough frequency, are the basis for general hold’em strategy.