Posts Tagged ‘bluffing’

Most of you will be familiar with the concept of bluffing commonly applied in a game of poker. This is a strategy for tricking your opponents. The principle underlying bluffing is to plant in your opponent’s head the idea that you are stronger than him. Even though this strategy is more risky, it does give you the chance to earn higher rewards. As the economic principle goes: the higher the risk, the more the rewards. However, bluffing is not as simple as it may sound. You need to be wholly informed about the moves and incentives of the other player for this to work out your way. This makes it somewhat difficult for you to decide whether to go with a strategy of bluffing or not.

Read the rest of this entry »