Bidding Truthfully in Texas Poker
Have you ever heard about the card game, called Texas Poker? In this game, there exists a minimum of 2 players and up to a maximum of 10 players. The last person to act as the preflop is the big blind. The big blind has the option to raise the bid, check, or fold. In each round, when the big blind decides to raise the bid to 1 dollar, the next player has to put in 1 dollar too. However, the next person has the option to fold or raise the bid. The same applies to the next player. To be fair, the strategy of this game also requires you to bluff the other player and use the strategy to win the game. There are also questions on whether the player should bid truthfully by staying in the game or fold (dropping out of the game). This is the detail that I had previously not thought about.
Oftentimes, we can see people staying in the game and raising the bid because they would like to know what the next card will be presented by the banker without considering the possibility of the cards they have on hand on whether they could win or lose. After raising the bid to a certain amount, these people would just drop out of the game as they believed they could not win. However, it is fair for players to continue the game when they know that the chances of winning and getting a profit are high. Therefore, I would say that it is optimal to bid truthfully at the beginning of the game. As that being said, texas poker is about bluffing and using the strategy you have to win the game and it comes in a way where you have to pay the price for the thrill of the hunt which in the way paying to stay in the game and see whether the next card displayed will be in your favor or not.
https://www.nytimes.com/2009/11/15/business/economy/15view.html