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 06-17-2018, 02:27 PM #1 Akea stranger   Join Date: Jun 2018 Posts: 1 Gambling Question pls Help Can you help me with this question pls Assume that a gambler plays a fair game where he can win or lose 1 dollar in each round . His initial stock is 200 dollar. He decides a priory to stop gambling at the moment when he either has 500 dollars or 0 dollars in his stock. Time is counted by the number of rounds played. i) show that the probability that he will never stops gambling is zero ii ) Compute the probability that at the time when he stops gambling he has 500 dollars , and the probability that he has zero dollars
 06-17-2018, 03:13 PM #2 whosnext Pooh-Bah     Join Date: Mar 2009 Location: California Posts: 4,853 Re: Gambling Question pls Help This sounds like a school homework problem. If so, I imagine that you are learning about random walks, markov processes, and the like. In any event, there is a large body of work done in these areas that is relevant to your question. I suggest you tell us what you have done so far in trying to answer the question and then someone would have a better idea of how to help you.
06-18-2018, 04:43 AM   #3
nickthegeek
journeyman

Join Date: Sep 2011
Posts: 247
Re: Gambling Question pls Help

Quote:
 Originally Posted by Akea Can you help me with this question pls Assume that a gambler plays a fair game where he can win or lose 1 dollar in each round . His initial stock is 200 dollar. He decides a priory to stop gambling at the moment when he either has 500 dollars or 0 dollars in his stock. Time is counted by the number of rounds played. i) show that the probability that he will never stops gambling is zero ii ) Compute the probability that at the time when he stops gambling he has 500 dollars , and the probability that he has zero dollars
Although I agree with whosenext, these questions can be answered even without any previous knowledge about random walks and risk of ruin, but just with some logic.

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