The problem with a lot of these tricks is that in a fair lottery, p(life) * money_if_you_live is fixed, and in a real lottery, it goes down every time you play because real lotteries have negative expected value.
I think that a better solution is to use the stock market as a fair lottery. Then you pick your bet: E($) is always 0. (If there were obvious ways to lose money in expectation on the market, then there would be obvious ways to make it. But that is unlikely)
I think that a better solution is to use the stock market as a fair lottery.
Fair systems are good for the person who would otherwise be exploited. They aren’t good for the one who is seeking advantage. The whole point in this branch is that you were considering the availability of finding deals that give you positive expected returns.
If you are looking for a way to ensure a real positive expectation from a deal you don’t create a stock market, you create a black market.
The problem with a lot of these tricks is that in a fair lottery, p(life) * money_if_you_live is fixed, and in a real lottery, it goes down every time you play because real lotteries have negative expected value.
That’s why you always make sure you’re the house.
By the way, underscores work like asterisks do. Escape them with an \ if you want to use more than one.
I think that a better solution is to use the stock market as a fair lottery. Then you pick your bet: E($) is always 0. (If there were obvious ways to lose money in expectation on the market, then there would be obvious ways to make it. But that is unlikely)
Fair systems are good for the person who would otherwise be exploited. They aren’t good for the one who is seeking advantage. The whole point in this branch is that you were considering the availability of finding deals that give you positive expected returns.
If you are looking for a way to ensure a real positive expectation from a deal you don’t create a stock market, you create a black market.
Well, it’s a useful thing to have. Certainly beats real lotteries.