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Playing for RealGame Theory$
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Ken Binmore

Print publication date: 2007

Print ISBN-13: 9780195300574

Published to Oxford Scholarship Online: May 2007

DOI: 10.1093/acprof:oso/9780195300574.001.0001

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 Taking Chances

 Taking Chances

(p.77) 3 Taking Chances
Playing for Real

Ken Binmore (Contributor Webpage)

Oxford University Press

This chapter shows how risk can be introduced into the rules of a game by admitting chance moves. The Monty Hall problem is offered as an example. Elementary probability theory is reviewed, and random variables are explained in terms of lottery tickets. The games of Duel and Parcheesi are analyzed as non-trivial examples of games with chance moves.

Keywords:   risk, chance move, Monty Hall problem, probability, conditional probability, lottery, random variable, expectation, martingale, waiting game

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