A Bayesian procedure for the sequential estimation of the by Marcus R.

By Marcus R.

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In European casinos there is no 00. ) Of the sec­ tions numbered from 1 to 36, 18 are red and 18 are black, with the colors alternating; the sections marked 0 and 00 are green and are on opposite sides of the wheel from each other. A casino employee spins the wheel and then tosses a ball along the wheel in the opposite direction of the spin. As the wheel and ball slow down, the ball lands in the winning sec­ tion. A gambler bets by placing chips on the betting layout, usually before the ball is tossed into the wheel.

Let the world be your I Ching. Use chance to get information. Chapter 5 • Roulette: A Civilized Way to Lose "/ hope / break even this week. / need the money. " VETERAN LAs VEGAS GAMBLER The perfect place to observe the laws of chance in action is a casino; in the carefully controlled confines of the citadels of chance , reverence is paid to randomness through rituals of risk known as gambling games. A few casino games allow the player to exercise a modicum of skill, but most are games of pure chance, in which the gambler must rely on luck to walk away a winner.

Thus, there is a 95 percent chance that the number of " 7 " s will be between 1 1 ,800 and 1 2 , 200, and there is a 99. 7 percent chance that the number of " 7 " s will be between 1 1 ,700 and 1 2 ,300. In my 1 0 computer simulations of 7 2 , 000 dice rolls, 9 were in the two SD range and all 1 0 were within the three SD range. Statistical Logic and the Great Mishugi Here is the key question in statistical decision making: When is a weird event due to chance, and when is it due to something else ?

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A Bayesian procedure for the sequential estimation of the by Marcus R.
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