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Optimal Strategies in Casinoes: Red and Black

In: Discrete Stochastics

Author

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  • Konrad Jacobs

    (Universität Erlangen-Nürnberg, Mathematisches Institut)

Abstract

Imagine yourself being blackmailed to pay 1.000.000 $ at five o’clock next morning. It is late evening, all banks are closed, your automatic bank account is empty. But you have 1 $ in your pocket, and a casino is open. So what will you do? You will try to win the 1.000.000 $ by gambling in that casino. And you will try to maximize the probability of your survival by a proper choice of your betting strategy.

Suggested Citation

  • Konrad Jacobs, 1992. "Optimal Strategies in Casinoes: Red and Black," Springer Books, in: Discrete Stochastics, chapter 0, pages 219-233, Springer.
    • Handle: RePEc:spr:sprchp:978-3-0348-8645-1_9
    DOI: 10.1007/978-3-0348-8645-1_9
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