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Applying chaos theory to risk management in a game of chance

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Jóźwiak I. J. , Mariański A. , Switana J. , Szczepanik M.

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2020

tom z. 144

195--211

Purpose: The purpose of the paper is to illustrate the usage of techniques known from chaos theory to analyze the risk Design/methodology/approach: In this case the objects of application are winnings graphs of different poker players. Two types of players are presented; winning players (those with positive expected value) and breaking even players (expected value close to zero). Findings: Charts were analyzed with a fractal dimension calculated with the box method. Originality/value: Relation between fractal dimension and Hurst exponent is shown. Relation between risk in sense of chaos theory and players’ long-term winning is also described. Further applications of chaos theory to analyze the risk in games of chance are also proposed.