Suppose that you are gambling against an infinitely rich adversary and at each stage you either win
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Suppose that you are gambling against an infinitely rich adversary and at each stage you either win or lose 1 unit with respective probabilities and a - p. Show that the probability that you eventually go broke is
where q = 1 - p and where is your initial fortune.
Transcribed Image Text:
if p s 1 2 1 3pt(q/p)' if p> 2
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We can solve this problem using the theory of Markov chains Let Xn be the gamblers fortune after n r...View the full answer
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