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Last Round Betting

Thomas S. Ferguson and C. Melolidakis
Journal of Applied Probability
Vol. 34, No. 4 (Dec., 1997), pp. 974-987
DOI: 10.2307/3215011
Stable URL: http://www.jstor.org/stable/3215011
Page Count: 14
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Last Round Betting
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Abstract

Two players with differing amounts of money simultaneously choose an amount to bet on an even-money win-or-lose bet. The outcomes of the bets may be dependent and the player who has the larger amount of money after the outcomes are decided is the winner. This game is completely analyzed. In nearly all cases, the value exists and optimal strategies for the two players that give weight to a finite number of bets are explicitly exhibited. In a few situations, the value does not exist.

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