On Thursday, January 22, 2015 11:20:08 PM nightoftheiguana2000@yahoo.com
[vpFREE] wrote:
> Ed Miller also wrote: "This is particularly true if your plan is to play
> the game for a weekend and not for every waking hour from here to
> infinity."
>
> Yes, the Kelly criterion is a good fit for someone who plans to take their
> gambling into the long term, long term defined as greater than the N0
> number.
>
> For the short term there are other approaches, for example perhaps your
> goal is to play until you hit a royal and then you plan to quit forever,
> or perhaps you just want to take your play one royal at a time. In this
> situation min-cost-royal strategies are the better fit, they are optimal
> for a royal cycle, but not so optimal for many royal cycles. Naturally
> this approach is not limited to royals, could be quad aces, or a filled
> parlay card, or whatever.
Actually, the min-cost-royal strategy is optimal for any number of royal
cycles. It minimizes the average drop in bankroll between royals. The number
of royal cycles played doesn't alter that average.
Posted by: jacobs <jacobs@xmission.com>
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