Game-theoretically, how do you solve this situation?
>You have a deck of 52 cards and a friend.
>Every round, you both get a card face down.
>Both start with 100 chips and every round the starting bid is 5 chips.
>Player with the higher card wins. In case of a tie, the pot is split.
>Starting player bids a sum. The other player must fold (give up and lose even if he had a higher card), call it (pays it and the cards are revealed) or reraise (opponent gets another turn).
>If opponent folds, the cards are not revealed
Lets throw few starters
1. Obviously you never fold with an ace (highest card).
2. On average your opponent has about 7. So betting and reraising with a card under 7 is either considered "bluffing" (deception) or "reading" (thinking you know the opponents card.
3. You obviously cant take any simplistic and easily checkable attitude like "if my opponent reraises and I dont have ace I always fold".
>You have a deck of 52 cards and a friend.
>Every round, you both get a card face down.
>Both start with 100 chips and every round the starting bid is 5 chips.
>Player with the higher card wins. In case of a tie, the pot is split.
>Starting player bids a sum. The other player must fold (give up and lose even if he had a higher card), call it (pays it and the cards are revealed) or reraise (opponent gets another turn).
>If opponent folds, the cards are not revealed
Lets throw few starters
1. Obviously you never fold with an ace (highest card).
2. On average your opponent has about 7. So betting and reraising with a card under 7 is either considered "bluffing" (deception) or "reading" (thinking you know the opponents card.
3. You obviously cant take any simplistic and easily checkable attitude like "if my opponent reraises and I dont have ace I always fold".
