How can gambling systems be considered unreliable methods for decision-making?

[woundedtiger4]

Hi all,

I have attached a file in which at last page in example 7.8 I am stuck. I don't understand that how the author has calculated the Q(0.9)=.88 by using equation 7.31, can someone please show me the calculation process?

Thanks in advance.

 

[chiro]

Hey woundedtiger4.

Is the Q function the quantile function?

 

[Bacle2]

It would be helpful to know what Wn, F, etc. , stand for. If you have a notational index, please include it if possible.

 

[woundedtiger4]

It would be helpful to know what Wn, F, etc. , stand for. If you have a notational index, please include it if possible.

Thanks to everyone for being so much helpful, W_n is the (amount) wager to place on nth bet.
W_n = f_n{X_1, X_2, X_3,...X_n-1}

I have managed to calculate Q(.9)=.88 by using the first formula on on first page.

Once again many thanks to all of you who showed interest.