Optimal Strategies in Casinoes: Red and Black

Konrad Jacobs
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Konrad Jacobs: Universität Erlangen-Nürnberg, Mathematisches Institut

Chapter IX in Discrete Stochastics, 1992, pp 219-233 from Springer

Abstract: Abstract Imagine yourself being blackmailed to pay 1.000.000 $ at five o’clock next morning. It is late evening, all banks are closed, your automatic bank account is empty. But you have 1 $ in your pocket, and a casino is open. So what will you do? You will try to win the 1.000.000 $ by gambling in that casino. And you will try to maximize the probability of your survival by a proper choice of your betting strategy.

Keywords: Optimal Strategy; Recursion Formula; Independent Trial; Isotone Function; Winning Rate (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-3-0348-8645-1_9

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