Skill vs Luck

June 7, 2015

Poker legend Phil Hellmuth once said, "If there weren't luck involved, I would win every time." The argument of luck vs. skill is a fun one to have around the poker table or on the golf course, but it also has real implications in our everyday lives—from gambling laws to business practices to the creative arts. So what is the relationship between luck vs. skill in some of these areas? This hour, we ask an investment banker, a game designer, a professional poker player Annie Duke, and legendary choreographer Bill T. Jones.

  1. Gambling with 100% Skill

    Jason Rohrer is one of the top game designers in the world. So when the Unlawful Internet Gaming Enforcement Act came out , he found a loophole. Turns out, its' not all internet gambling games that are against the law. It's only the ones that are subject to chance. He claims that his new online gambling game is all skill.  

    TRY THE GAME HERE!

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  2. Is there an Equation for Success?

    Want to be sccessful at gambling? How about sports? Inventments? Michael Mauboussi is the Head of Global Financial Strategies at Credit Suisse and author of a book where he outlines “The Success Equation."

    TRY THE SIMULATIONS HERE

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  3. Choreographer Bill T. Jones on the Randomness of Musician John Cage

    Choreographer Bill T. Jones says that while many of us are trying to put more skill into our lives, his mentor, the musician John Cage, spent his life trying to do just the opposite. Jones says Cage’s music was often based on randomness and chance.

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  4. Poker Legend Annie Duke on Luck

    In 2004, Anne Duke was in the final of the World Series of Poker. She was up against the top two poker players in the world, Phil Helmuth and Howard Lederer (who happened to be her older brother). And the jackpot was $2 million. Annie won, but that's not the entire story. It's how she won that became legendary. 

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  5. BookMark: Julie Schumacher recommends Saramago's "Elephant's Journey"

    It was 1551, and Archduke Maximilian got a wonderous wedding gift from King João III of Portugal: an elephant named Solomon.

    "Dear Committe Members" author Julie Schumacher recommends Portuguese Nobel Lauaureate José Saramago's retelling of this true tale.

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  6. On Our Minds: The Eurozone Crisis

    European leaders are once again trying to hash out an agreement with Greece to resolve its debt crisis. If a deal isn’t reached, Greece could leave, or be removed from, the Eurozone. That could trigger an even bigger crisis—one that could easily spill over to the U.S.  British historian Adam Tooze says this is about the future of Europe, the ongoing struggles of capitalist economies, and the fate of the American Empire.
     

     

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