IDEAS home Printed from https://ideas.repec.org/a/hin/jnljps/313148.html
   My bibliography  Save this article

A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion

Author

Listed:
  • Konstantinos Drakakis

Abstract

In the game of Betweenies, the player is dealt two cards out of a deck and bets on the probability that the third card to be dealt will have a numerical value in between the values of the first two cards. In this work, we present the exact rules of the two main versions of the game, and we study the optimal betting strategies. After discussing the shortcomings of the direct approach, we introduce an information-theoretic technique, Kelly's criterion, which basically maximizes the expected log-return of the bet: we offer an overview, discuss feasibility issues, and analyze the strategies it suggests. We also provide some gameplay simulations.

Suggested Citation

  • Konstantinos Drakakis, 2010. "A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion," Journal of Probability and Statistics, Hindawi, vol. 2010, pages 1-19, June.
    • Handle: RePEc:hin:jnljps:313148
    DOI: 10.1155/2010/313148
    as

    Download full text from publisher

    File URL: http://downloads.hindawi.com/journals/JPS/2010/313148.pdf
    Download Restriction: no
    File URL: http://downloads.hindawi.com/journals/JPS/2010/313148.xml
    Download Restriction: no
    File URL: https://libkey.io/10.1155/2010/313148?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hin:jnljps:313148. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mohamed Abdelhakeem (email available below). General contact details of provider: https://www.hindawi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.