Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
1153630 | Statistics & Probability Letters | 2007 | 7 Pages |
Abstract
The paradoxical results of CsörgÅ 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
Authors
Péter Kevei,