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Solution of a roulette-type ruin problem--a correction to: a rule of thumb (not only) for gamblers

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  • Kozek, Andrzej S.

Abstract

In the paper we derive a closed form formula for a probability of success in a roulette-type game. The player begins the game having j chips and plays one chip at a time. In each game, he either wins w chips with probability p or loses his chip with probability 1-p. The game terminates when the player loses all his fortune or when his capital reaches, or exceeds level C. The present solution rectifies the incorrect one, presented in Section 3 of Kozek (Stochastic Process Appl. 55 (I) (1995) 169).

Suggested Citation

  • Kozek, Andrzej S., 0. "Solution of a roulette-type ruin problem--a correction to: a rule of thumb (not only) for gamblers," Stochastic Processes and their Applications, Elsevier, vol. 100(1-2), pages 301-311, July.
    • Handle: RePEc:eee:spapps:v:100:y::i:1-2:p:301-311
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    1. Kozek, Andrzej S., 1995. "A rule of thumb (not only) for gamblers," Stochastic Processes and their Applications, Elsevier, vol. 55(1), pages 169-181, January.
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    Keywords

    Gambling Roulette Ruin;

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