Hand Development in the von Neumann and Newman Poker ModelsAuthors: N. Bernasconi,
J.Lorenz,
R. SpoehelAbstract:
The von Neumann and Newman poker models are simplifed two-person poker models with Uniform(0,1)-hands. We analyze a simple extension of both models that introduces an element of uncertainty about the final strength of each player's own hand, as is present in real poker games. Whenever a showdown occurs, an unfair coin with fixed bias q is tossed. With probability 1-q, the higher hand value wins as usual, but with the remaining probability q, the lower hand wins. Both models favour the frst player for q=0 and are fair for q=1/2. Our somewhat surprising result is that the first player's expected payoff increases with q as long as q is not too large. That is, the first player can exploit the additional uncertainty introduced by the coin toss and extract even more value from his opponent.
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