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Sunday, June 21, 2009
Sexy Maths: When It Pays To Play The Odds
From Times Online:
Mathematicians, and the laws of probability, can tell you whether to have a flutter, or keep hold of your money.
Let’s start by playing a game. I roll a dice and pay you in pounds the number that appears on it. How much would you be prepared to pay to play? If you pay £1 you cannot lose, and if you pay £6 you cannot win but at what point do the odds tip from my advantage to yours?