[FRIAM] The Gambler and the Academic

[Frank Wimberly]

I'm with you, Russ.  Old saw.

---
Frank C. Wimberly
140 Calle Ojo Feliz,
Santa Fe, NM 87505

505 670-9918
Santa Fe, NM

On Tue, Sep 1, 2020, 4:46 PM uǝlƃ ↙↙↙ <gepropella at gmail.com> wrote:

> Ha! Sure. But the last comment from the Gambler is the punchline.
>
> On 9/1/20 3:25 PM, Russell Standish wrote:
> > I'm pretty sure what's being talked about is "Gambler's Ruin"
> > (https://en.wikipedia.org/wiki/Gambler's_ruin) a paradoxical result
> > where infinite wealth will always win out, even when the odds are
> > stacked against. I see from the Wikipedia article, that this has been
> > known about since Blaise Pascal's time. I remember it being discussed
> > in my undergraduate stats course, so the "Academic" in this piece
> > seems remarkably ill-informed.
> >
> > Cheers
> >
> > On Tue, Sep 01, 2020 at 12:17:57PM -0700, uǝlƃ ↙↙↙ wrote:
> >>>
> >>> Gambler: If you do not see the difference between losing money (in a
> positive expected value environment) and gaining money (in a negative
> expected value environment), then I gain confidence that I am talking to a
> true Academic! The following is Python code that simulates 1,000 Gam-blers
> each running 1,000 Bets.  Each bet either loses 55% (which is multiplying a
> negative number, the Bankroll, times 1.55) or wins 50% (which is
> multiplying the Bankroll times 0.5).
> >>>
> >>> Jeremy Gwiazda
>
> --
> ↙↙↙ uǝlƃ
>
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