Thinks 403

Oliver Roeder on game theory and poker: “The key is to make your playing more unpredictable and thus less exploitable. In the children’s game of rock, paper, scissors, playing each move at random with a one-third chance makes it impossible for your opponent to guess your pattern and beat you. In poker, this can be accomplished with hand ranges and mixed strategies. If other players know, for instance, that when I have the “small blind”—the obligatory bet made at the beginning of the hand by the player sitting to the dealer’s left—I will only raise $100 when I have a pair of aces, that is a fact that can be exploited. Instead, the programs advise, I should bundle my hands into ranges, raising $100 when I have not just aces but also, say, kings and queens. Moreover, I shouldn’t always do the same thing with the same range of hands—I should mix my strategy and randomize.”

Economist on writing in the post-pandemic workplace: “Writing is not always the best way to communicate in the workplace. Video is more memorable; a phone call is quicker; even PowerPoint has its place. But for the structured thought it demands, and the ease with which it can be shared and edited, the written word is made for remote work.”

Arnold Kling on regulatory reform: “In the realm of government agencies there is little impetus to improve management, and consequently much room for improvement. In my essay, I propose creating two powerful positions at the top of the executive branch: a Chief Operating Officer and a Chief Auditor. My hope is that the COO would have the authority, the ability, and the passion to improve people and processes at government agencies. My hope is that when the CA calls attention to agency mismanagement and abuse, cultural norms within agencies would be to address issues that the auditors find, rather than blowing them off.”

Published by

Rajesh Jain

An Entrepreneur based in Mumbai, India.