Life Variations And What To Do During A Pandemic – I have written a lot about hope and differences over the years. Without getting into a lot of math jargon, you need to be familiar with these two basic terms.
Expectations are basically average. It measures what the average result will be over a large number of experiments. Averages can be very deceptive when there are multiple (very high or very low) extreme values. The median is another measure that addresses this problem. This is found by arranging the observations in order and then taking the middle one.
To illustrate this difference, let’s look at the wealth of the US family. The average net worth is around $ 700,000, but this includes some very wealthy people visiting altpk. The top ten percent have an average net worth of more than $ 40 million. The median median was about $ 100,000, pretty much less than average.
Variance measures how much influence the extreme value is. Low variance means that there are not many extreme values. The mean is close to the median. High variance means that there is an extreme value that has a lot of influence on the outcome. Standard deviation is another way in which variation is expressed. It is the square root of the variance, but has computational benefits.
Let’s see how this applies to two poker players, both of whom have won an average of $ 100,000 per year for three years. To make it simpler, I dropped three zeros, and used a sample calculation from an online calculator.
Tournament players have a much higher variance than cash game players. This means they need a much larger bankroll or backer to reduce their risk of bankruptcy. The calculation above eliminates taxes and fees which are also more punishing to tournament players. There is nothing too new or shocking in the analysis above. I will now expand the notion of variance away from financial variance and into life variance.
Most people in the United States go through life without much difference. Henry David Thoreau called this a life of “quiet despair.” Poker players have a lot of variety in their lives, and tournament players are more than cash game players. Not only do tournament players face financial differences, they also face time differences. When I went to Rio to play a World Series of Poker event, I didn’t know if I would finish in 12 minutes or 12 hours. Obviously, this makes planning social activities, sports, or whatever else more difficult.