Gambler’s Ruin: Wilmott Magazine Article

Ruination leads to enlightenment; tough, but true – Aaron Brown

The term “gambler’s ruin” is used fora number of statistical ideas whose common denominator is predicting the eventual outcome of a series of repeated bets. There are some beautiful and counterintuitive results in which bets that seem unappealing individually lead inevitably to good outcomes, and bets that seem too attractive to refuse, lead just as inexorably to disaster.

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