Chuck A. Luck Wagers a Buck
Probabilistic Reasoning and the Gambler's Ruin
Department of Applied Statistics and Operations Research
Bowling Green State University
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.
- Review probability theory.
- Analyze and model a probability problem.
- Learn about Markov chains.
KeywordsProbability; probability modeling; probabilistic theory; probabilistic reasoning; statistical logic; Markov chain; Markov model; stochastic process; Bernoulli event; gambling; wagering; gambler's ruin problem
Educational LevelUndergraduate lower division, Undergraduate upper division
Subject HeadingsMathematics | Statistics |