Computer program which simulates the game

Assignment Help Basic Statistics

Reference no: EM13983623

1. In the game in Exercise 6, let p = q = 1/2 and M = 10. What is the probability that the gambler's stake equals M at least 20 times before it returns to 0?

2. Write a computer program which simulates the game in Exercise 6 for the case p = q = 1/2, and M = 10.

3. In de Moivre's description of the game, we can modify the definition of player A's fortune in such a way that the game is still a martingale (and the calcula- tions are simpler). We do this by assigning nominal values to the counters in the same way as de Moivre, but each player's current fortune is defined to be just the value of the counter which is being wagered on the next game. So, if player A has a counters, then his current fortune is (q/p)a (we stipulate this to be true even if a = 0). Show that under this definition, player A's expected fortune after one play equals his fortune before the play, if p /= q. Then, as de Moivre does, write an equation which expresses the fact that player A's expected final fortune equals his initial fortune. Use this equation to find the probability of ruin of player A.

Reference no: EM13983623

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