Probabilistic Reasoning and the Gambler's Ruin
By Christopher Rump
This directed case study, based on a question asked in a newspaper column about a popular carnival game of chance, was developed for an undergraduate course introducing probabilistic models. Students answer questions that explore both correct and incorrect probabilistic arguments as they apply to the game.
Probability; probability modeling; probabilistic theory; probabilistic reasoning; statistical logic; Markov chain; Markov model; stochastic process; Bernoulli event; gambling; wagering; gambler's ruin problem
EDUCATIONAL LEVEL
Undergraduate lower division, Undergraduate upper division
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TOPICAL AREAS
N/A
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TYPE/METHODS
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