When p > 1/2, a popular gambling system, known as the Kelly strategy, is to always bet the fraction 2p - 1 of the current fortune. Compute the expected fortune after n gambles, starting with a units and employing the Kelly strategy.
When p > 1/2, a popular gambling system, known as the Kelly strategy, is to always bet the fraction 2p - 1 of the current fortune. Compute the expected fortune after n gambles, starting with a units and employing the Kelly strategy.
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.CR: Chapter 12 Review
Problem 10CR
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