Abstract
Imagine that you begin with $100 and you are allowed to stake any number of dollars between 0 and 100 on the outcome of a coin toss. You win your stake if the coin falls heads and lose it otherwise. Suppose you are allowed to make an arbitrary number of such bets on successive coin tosses while choosing the stakes according to some strategy which makes use of the past history of the game. Is it possible for you to play in such a way that your expected fortune when you stop playing exceeds your initial $100?
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© 1996 Springer-Verlag New York, Inc.
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Maitra, A.P., Sudderth, W.D. (1996). Gambling Houses and the Conservation of Fairness. In: Discrete Gambling and Stochastic Games. Applications of Mathematics, vol 32. Springer, New York, NY. https://doi.org/10.1007/978-1-4612-4002-0_2
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DOI: https://doi.org/10.1007/978-1-4612-4002-0_2
Publisher Name: Springer, New York, NY
Print ISBN: 978-1-4612-8467-3
Online ISBN: 978-1-4612-4002-0
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