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Chuck A. Luck Wagers a Buck

Probabilistic Reasoning and the Gambler's Ruin



Author:

Christopher Rump
Department of Applied Statistics and Operations Research
Bowling Green State University
cmrump@bgsu.edu

Abstract:

This directed case study, based on a question asked in a newspaper column about a popular carnival game of chance, was developed for an undergraduate course introducing probabilistic models. Students answer questions that explore both correct and incorrect probabilistic arguments as they apply to the game.

Objectives:
  • Review probability theory.
  • Analyze and model a probability problem.
  • Learn about Markov chains.
Keywords: Probability; probability modeling; probabilistic theory; probabilistic reasoning; statistical logic; Markov chain; Markov model; stochastic process; Bernoulli event; gambling; wagering; gambler's ruin problem
Topical Area: N/A
Educational Level: Undergraduate lower division, Undergraduate upper division
Formats: PDF
Type/Method: Directed
Language: English
Subject Headings: Mathematics   Statistics  
Date Posted: 02/26/01
Date Modified: N/A
Copyright: Copyright held by the National Center for Case Study Teaching in Science, University at Buffalo, State University of New York. Please see our usage guidelines, which outline our policy concerning permissible reproduction of this work.

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