A rule of thumb (not only) for gamblers
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TLDR
The Rule of Thumbs for Gamblers as mentioned in this paper is a generalization of the Rule of Varying Gamblers (ROWG) for the case of variance, and it is shown that the strategy with the smaller variance is more favorable to the winner.About:
This article is published in Stochastic Processes and their Applications.The article was published on 1995-01-01 and is currently open access. It has received 10 citations till now. The article focuses on the topics: Cumulative distribution function & Random variable.read more
Citations
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Journal ArticleDOI
Bounds on gambler's ruin probabilities in terms of moments
TL;DR: In this article, the first few moments of a specified wager are used to compute the probability that the gambler is ruined before he or she wins W or more betting units, where φ is the probability generating function for the wager.
Book ChapterDOI
Exploring the Ecological Dynamics of Extinction
TL;DR: In this article, the authors introduce the concept of ecological impact and provide techniques for exploring the ecological dynamics of extinction events using an example from the Early Cambrian, using traditional techniques used in extinction studies, as well as a new technique that can be used to infer the ecological impact independent of taxonomic impact.
Journal ArticleDOI
Improved Analytical Bounds for Gambler’s Ruin Probabilities
TL;DR: In the case of incomplete information about the distribution of the wager, the obtained new bounds are nearly perfect analytical approximations to the exact bounds of Feller as mentioned in this paper, which is the best possible use of the available information.
Posted Content
Efficiency of active learning for the allocation of workers on crowdsourced classification tasks.
TL;DR: This paper makes a thorough mathematical analysis of the problem of worker allocation and derives a new bound on the performance of the system and runs extensive simulations to show that the theoretical results hold in practice.
Posted Content
Asymptotics for the Time of Ruin in the War of Attrition
Philip Ernst,Ilie Grigorescu +1 more
TL;DR: In this article, the authors consider two players, starting with $m$ and $n$ units, and show that the first player wins with probability proportional to each player's fortune and the opponent loses one unit.
References
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Journal ArticleDOI
An Introduction to Probability Theory and Its Applications
David A. Freedman,William Feller +1 more
An Introduction To Probability Theory And Its Applications
TL;DR: A First Course in Probability (8th ed.) by S. Ross is a lively text that covers the basic ideas of probability theory including those needed in statistics.
Book
Probability and Measure
TL;DR: In this paper, the convergence of distributions is considered in the context of conditional probability, i.e., random variables and expected values, and the probability of a given distribution converging to a certain value.
Related Papers (5)
Precise estimates for the ruin probability in finite horizon in a discrete-time model with heavy-tailed insurance and financial risks
Qihe Tang,Gurami Tsitsiashvili +1 more
The asymmetric n-player gambler's ruin problem with equal initial fortunes
A. L. Rocha,F. Stern +1 more