Information Economics. Consider the following variants on the game of poker: The Certainty Game – 5 cards dealt face up so that all players can see them The Imperfect Information Game – 3 cards dealt face up and 2 face down to each player
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In the first game there is little/no incentive to bet
In the second game each player is faced with imperfect but symmetric information. Some players may be better at judging how the unseen cards may ‘add value’ to the hand so there is a little scope for skill and betting becomes more likely