EE PatronJul 29th 2013, 13:11:36
ok martian, explain this to me as I'm not taking the math courses for my PhD until this fall:
if you have a game whereby the prize is divided up from the money each player pays to enter the game, minus a fee for the organizer, you've got a game where the odds are against the player, correct?
let's say this is a lottery with 2 numbers (0,1) and those players that pick the winning number automatically get 80% of the entry money pool, divided equally among them
if there is some sort of bias causing players to choose 0, but the numbers are equally likely to come up, wouldn't it be a very positive NPV strategy to pick 1?
so apply this same but on a less obvious scale to people picking the same numbers in a lottery, how does that work out?
if you have a game whereby the prize is divided up from the money each player pays to enter the game, minus a fee for the organizer, you've got a game where the odds are against the player, correct?
let's say this is a lottery with 2 numbers (0,1) and those players that pick the winning number automatically get 80% of the entry money pool, divided equally among them
if there is some sort of bias causing players to choose 0, but the numbers are equally likely to come up, wouldn't it be a very positive NPV strategy to pick 1?
so apply this same but on a less obvious scale to people picking the same numbers in a lottery, how does that work out?
Originally posted by Cerberus:
This guy is destroying the U.S. Dollars position as the preferred exchange for international trade. The Chinese Ruan is going to replace it soon, then the U.S. will not have control of the IMF