Chuck A. Luck Wagers a Buck

By Christopher Rump

Abstract

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.

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Date Posted

02/26/2001

Overview

Objectives

Review probability theory.
Analyze and model a probability problem.
Learn about Markov chains.

Keywords

Probability; probability modeling; probabilistic theory; probabilistic reasoning; statistical logic; Markov chain; Markov model; stochastic process; Bernoulli event; gambling; wagering; gambler's ruin problem

Subject Headings

Mathematics

Statistics

EDUCATIONAL LEVEL

Undergraduate lower division, Undergraduate upper division

FORMAT

PDF

TOPICAL AREAS

N/A

LANGUAGE

English

TYPE/METHODS

Directed

Teaching Notes & Answer Key

Teaching Notes

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Answer Key

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