![]() ![]() Serious gamblers bet only when they have theīest of it when they have the worst of it, they passĪ person writes down a number from one to five andīets $5 against your $1 that you cannot guess the number. You have the worst of it when you have a negativeĮxpectation, and you have a negative expectation when the oddsĪre against you. You have the best of it when you have a positive expectation,Īnd you have a positive expectation when the odds are in yourįavor. Mathematically, to be either ahead or behind after two flips orĪfter 200 flips.Your hourly rate is also zero. Therefore, your mathematicalĮxpectation is precisely zero since you cannot expect, The odds of its coming up heads are 1to-1, and you’re betting $1-to-$1. Each time it comes up heads, you win each time itĬomes up tails, you lose. Let’s say you are betting a friend $1, even money, on the flip Mathematical expectation is the amount a bet will average These are my notes which I intend to go back to later. It is not a complete summary of the book. ![]() Later I turn those highlights into a blogpost. Note: While reading a book whenever I come across something interesting, I highlight it on my Kindle. ![]()
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