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Chuck A. Luck Wagers a Buck

Probabilistic Reasoning and the Gambler's Ruin


Author(s)

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

Educational Level

Undergraduate lower division, Undergraduate upper division

Format

PDF

Type Methods

Directed

Language

English

Subject Headings

Mathematics  |   Statistics  |  


Date Posted

02/26/01

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