Recent content by jamcc09

Ah ha, I see! I will try to consider the true meaning of the names a bit more next time ;) It seems from the wikipedia article that if each bet is fair the expected profit is 0 and is negative for $p < 0.5$. This seems to come from a similar argument to mine that the expected value of 1...

This question comes from the "Introduction to Probability" book (Blitzstein & Hwang). Martin has just heard about a gambling strategy: bet 1 dollar that a fair coin will land heads. If it does, stop. If it lands tails, then double the bet for the next toss, now betting 2 dollars on heads. If it...