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Case

The Pelayo Family Plays Roulette

By Bodily, Samuel E. / Pfeifer, Phillip E. / Baucells, Manel

Decision Analysis

The Pelayo family has been studying roulette wheels and collecting data on tens of thousands of spins. Now the Pelayos have identified a wheel that they want to bet on, which has six numbers that have a 1/30 probability of winning instead of 1/37. They have staked EUR1,000 on this wheel. The question is: How much should they bet in order to have the most capital after 200 rounds? Log utility is used to compare alternatives and find an optimal bet.

Collection: Darden University of Virginia (USA)

Ref: DARDEN-QA-0850-E

Format: PDF

Number of pages: 2

Publication Date: Aug 11, 2016

Language: English

Review date: Feb 23, 2022

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The Pelayo Family Plays Roulette

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The Pelayo Family Plays Roulette

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