by Martin L. Jones and Reginald Koo
This article originally appeared in:
Mathematics Magazine
April, 2001
Subject classification(s):
Statistics and Probability | Probability | Stochastic ProcessesApplicable Course(s):
6.1 Probability & Statistics | 7.2 ProbabilityThe authors consider three cointossing models in which “too much success” is defined by the occurrence of success runs of a certain length which causes play to stop. The objective is to choose the success probability so as to maximise the expected reward before the stopping time applies.
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Capsule Course Topic(s):
Probability | Stochastic Processes, Other