This is an interesting idea. Essentially you penalise dishonesty by making the pot smaller.
This works provided one player doesn’t predictably have a lower maximum bet and can then increase their maximum bet (and therefore the overall pot) while simultaneously misrepresenting their believed odds.
Did you consider using the Kelly Criterion for the mini-bets instead of using a flat rate? I’m not sure how this would affect the result but I suspect it might have some nice properties.
I like your summary of the method. Good point as well. Perhaps you would want a norm that players don’t discuss their maximum bets before entering them.
I’m not familiar with the Kelly Criterion so I’ll check that out.
This is an interesting idea. Essentially you penalise dishonesty by making the pot smaller.
This works provided one player doesn’t predictably have a lower maximum bet and can then increase their maximum bet (and therefore the overall pot) while simultaneously misrepresenting their believed odds.
Did you consider using the Kelly Criterion for the mini-bets instead of using a flat rate? I’m not sure how this would affect the result but I suspect it might have some nice properties.
I like your summary of the method. Good point as well. Perhaps you would want a norm that players don’t discuss their maximum bets before entering them.
I’m not familiar with the Kelly Criterion so I’ll check that out.
Zvi made a reference post to the Kelly Criterion a while back which might be a good starting point.