what is gambler ruin problem
Answers
Answered by
1
This problem is motivated by trying to determine the success or failure of a gambler who goes to a casino with some amount of money initially and wants to leave with some larger amount of money at the end of the evening. For example, the goal of a gambler who comes to the casino with $100 at the beginning of the evening might be to leave the casino with $200. If the gambler walks in and places a bet for the entire amount of money, the problem is easy. The chance of winning will be determined by the game being played. However, if the gambler bets a small amount each time, the problem becomes a little more difficult to analyze.
Answered by
1
Explanation:
The term gambler's ruin is a statistical concept, most commonly expressed as the fact that a gambler playing a negative expected value game will eventually go broke, regardless of their betting system
Similar questions