A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion
Author
Source
Journal of Probability and Statistics
Issue
Vol. 2010, Issue 2010 (31 Dec. 2010), pp.1-19, 19 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2010-06-15
Country of Publication
Egypt
No. of Pages
19
Main Subjects
Abstract EN
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.
American Psychological Association (APA)
Drakakis, Konstantinos. 2010. A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion. Journal of Probability and Statistics،Vol. 2010, no. 2010, pp.1-19.
https://search.emarefa.net/detail/BIM-462625
Modern Language Association (MLA)
Drakakis, Konstantinos. A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion. Journal of Probability and Statistics No. 2010 (2010), pp.1-19.
https://search.emarefa.net/detail/BIM-462625
American Medical Association (AMA)
Drakakis, Konstantinos. A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion. Journal of Probability and Statistics. 2010. Vol. 2010, no. 2010, pp.1-19.
https://search.emarefa.net/detail/BIM-462625
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-462625