Is there no way to salvage it via a Nash bargaining argument if the odds are different? Or at least, deal with scenarios where you have x:1 and 0:1 odds (i.e. you can only bet on heads)?
Yes, I got down to the Nash Bargaining part which is a bit harder and got confused again, but this helped as a very simple math intuition for why to Kelly Bet, if not how to calculate it in most real world betting situation.
Thanks.
Be warned that this explanation only applies if the environment is offering both sides of every event at the same odds.
Is there no way to salvage it via a Nash bargaining argument if the odds are different? Or at least, deal with scenarios where you have x:1 and 0:1 odds (i.e. you can only bet on heads)?
Where by the “same odds,” I mean if you can take 3:2 for True, you can take 2:3 for False.
Yes, I got down to the Nash Bargaining part which is a bit harder and got confused again, but this helped as a very simple math intuition for why to Kelly Bet, if not how to calculate it in most real world betting situation.