Quote:
Originally Posted by a_free_lunch
I don't think this is correct. Of course, eventually the win probability will hit 0 or 1 (when the game ends) -- however, that is exactly the same as in chess. Meanwhile, it's not true that win probabilities ought to drift in the way you say: actually, they should be a random walk (at least if derived correctly using Bayes-Rule).
This is the part that isn't clear to me (but would be super obvious if we had some data to look at!).
For example, if I currently have an 80% win probability, what's the distribution of my win probability after the next roll? Is it really just as likely to go down as it is to go up (which is what a random walk would suggest)? Or is my win probability more likely to increase than decrease after the next roll? I'm not sure this follows directly from the Bayesian statistics.
We can make up an extremely simplified example where the random walk assumption doesn't hold up -- e.g., if our opponent has one roll left to bear off and we have one checker left on the 4-point, we win immediately with 34/36 rolls and lose the rest, so our current win probability is 94%. After our roll, 34/36 times our win probability goes up (to 100%), and 2/36 times our win probability goes down (to 0%). So in this toy example our win probability is more likely to go up than down because it's already high. This is obviously a silly example but it's just to show that Bayes' theorem doesn't necessarily imply win probability follows a random walk.
Also, the idea of doubling before you lose your market is based on the expectation that your win probability is more likely to go up than it is to go down, no? -- if CPW really were a random walk, it seems like the optimal strategy would be to wait until you lose your market before you double. (
See this previous thread where I eventually wrapped my head around this idea).