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Gambler's Ruin - Introduction and demonstration

Course Topic(s): Probability | Discrete Distributions, Bernoulli and binomial | Famous Problems, gambler's ruin

Simple, straightforward definition of the problem with a solution. No explanation of how the solution is found. An associated applet can be found in the right hand column which requires a download of the Wolfram demonstration project. In the applet, the user can chose the initial stake for player 1 and player 2, the number of games played, player 1's fixed probability of winning a game, and the number of games played. The probability player 1 beats player 2, the expected number of games until player 1 has zero left and the current number of stakes left after a fixed number of games are given. The number of games can be set to 50, 100, 500, 1000 or 5000 are given. Clicking the box in the applet next to the number allows the user to set the number for allows player's and casino's initial stakes.

Resource URL: http://mathworld.wolfram.com/GamblersRuin.html

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 Current rating: 2.9 number of votes: 206 1 2 3 4 5

Subject classification(s): Simulation | Univariate Distributions | Probability | Statistics and Probability

Creator(s): Wolfram MathWorld

Contributor(s): Wolfram MathWorld

This resource was cataloged by Carolyn Cuff

Publisher:
Wolfram Research, Inc.

Resource copyright: 2011 Wolfram Alpha LLCâ€”A Wolfram Research Company

This review was published on September 24, 2012