achille's agony and ecstasy

Today I'm not going to bother you with my downswings and badbeats nor I'm going to tell how ingeniously I played a given hand. I'm going to discuss what should be the ideal time spent for poker.

Our class today is "labor economics". We define the economic rent as:

The economic rent = total compensation - the opportunity cost

The total compensation includes the money earned, the pleasure received or some other benefits of the given activity.

The oppurtunity cost is "the value of the next best alternative foregone as the result of making a decision"

We can deduct that we have to do something if its economic rent is positive and not do if the economic rent is negative.

The economic rent of playing poker for a given time is the expected amount we would earn - our oppurtunity cost. So going out for a movie which would take 4 hours of our working time has an economic rent of "the utility we would recieve from going out for a movie - the cost of the movie - 4 x our hourly winrate"

If the marginal utility of the money (for our total wealth) is bigger than the utility recieved from the alternative action we would choose playing poker.

I assume that I will start playing less as my bankroll grows and I will be spending more time doing other things because of the decreasing economic rent of playing poker which will increase the quality of my life.

I told you all of these because currently I'm suffering of being an associal playing 8 hours of poker a day and spending the rest of the day thinking about how can I improve my game. Adding this to having an inverted day time (sleeping at 4-5 am and working when everyone gets out of their jobs) and the general disrespect against preofessional players, playing a lot of poker makes you feel like an alien.

I may add something related to this issue in the future.

Homework: make an effort to improve your time management.

Good Luck!