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The EV in KillerEV – Expected Value and Utility

Before getting into the meat of this blog post, I’d like to make a quick announcement. The 2/12/2010 edition of Killer Poker Analysis is available for download. Topics covered include:


1.) Taking a slightly +cEV coinflip the first hand of a multitable tournament

2.) Check-raise bluffing (and check-raising in general)

3.) Defending against aggressive opponents


It’s Saturday evening, and I’m preparing for some traveling that I’m doing over the next week. I’m visiting wonderful Pasadena, CA tomorrow. I’ll be there for a whopping two days; I was planning on being there longer, but I have to visit a client. Tomorrow will be lunch with friends, an online poker session, maybe some disc golf, and most likely some board games. Monday will be a dentist appointment (my dentist is awesome, so I kept my appointment figuring that I could use it as an excuse to visit my good friends), some air hockey (hopefully), and a dealer’s choice home game. Tuesday through Saturday will be spent flying and taking care of some consulting-related business.


I’m most known for being a poker theoretician and an online poker player, but I also do a lot of consulting. Variety is the spice of life, and solving problems is something that I’m good at and something that I enjoy. Currently, all the projects I’m working on are related to poker and gaming, so “variety” is a relative term. The bottom line is that I’m always looking for interesting projects and ventures, regardless of the particular field.


The EV in KillerEV stands for Expected Value. In the context of poker and other decisions involving monetary payouts, EV refers to the amount of money you expect to gain or lose in the long run. In the context of life, we make decisions regarding more than money. We have to consider other complicated variables such as health and happiness. Nonetheless, the concept of EV also applies. But instead of trying to maximize EV simply with respect to money, we’re trying to maximize utility (utility is a term from economics referring to the entirety of one’s needs and wants). One of the reasons I love poker so much is the analysis related to maximizing the $EV of poker decisions is the same type of analysis required for maximizing utility in life.


At the end of the day, the KillerEV philosophy isn’t just about dominating the poker tables. It’s really about dominating the game of life. Regardless of whether you’re currently dominating the online felt, spending quality time with a loved one, or having a crazy night out on the town, I hope that all of you are maximizing your utility!


May Your EV Always be Positive!


Tony Guerrera



  



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