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When I read the question Quantifying the amount of luck required to win a tournament and the answer to that question I started thinking about different playing styles. Could this method of calculating required luck to win be used to pinpoint the most effective style of playing? If so, has anybody done just that?

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This question is way too general in my opinion. You are asking if you can optimize tournament play by reducing variance. That itself is sub-optimal. So in essence, no.

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what do you mean by "that itself is sub-optimal"? –  hmmmm May 11 '13 at 14:15
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