Article ID Journal Published Year Pages File Type
1153630 Statistics & Probability Letters 2007 7 Pages PDF
Abstract
The paradoxical results of Csörgő and Simons for mutually beneficial sharing among any fixed number of St. Petersburg gamblers are extended to games played by a possibly biased coin, with p as the probability of 'heads.' The extension is not straightforward because, unlike in the classical case with p=1/2, admissibly pooled winnings generally fail to stochastically dominate individual ones for more than two gamblers. Best admissible pooling strategies are determined when p is rational, and the algebraic depth of the problem for an irrational p is illustrated by an example.
Related Topics
Physical Sciences and Engineering Mathematics Statistics and Probability
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