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The Disadvantage of Too Much Success.

by Martin L. Jones and Reginald Koo

This article originally appeared in:
Mathematics Magazine
April, 2001

Subject classification(s): Statistics and Probability | Probability | Stochastic Processes
Applicable Course(s): 6.1 Probability & Statistics | 7.2 Probability

The 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
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