Abstract
To investigate the perential question of how to measure luck versus skill, we perform a detailed simulation study of Texas Hold’em poker hands. We define luck and skill as the player equity changes from dealing cards and from player betting decisions, respectively. We find that a careful definition of player equity leads to measurements of luck and skill which satisfy the statistical properties that we should expect them to. We conclude that our definitions of luck versus skill appear to be valid and accurate in the context of poker hands, and perhaps beyond to issues of luck and skill in other aspects of modern society.
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