Chuck A. Luck Wagers a Buck
Probabilistic Reasoning and the Gambler's Ruin
Author(s)
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 problemEducational Level
Undergraduate lower division, Undergraduate upper divisionFormat
PDFType Methods
DirectedLanguage
EnglishSubject Headings
Mathematics | Statistics |
Date Posted
02/26/01Teaching Notes
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