Let Pn be the probability that the man goes broke, given that he currently has $n.
A man has $1 to his name.
Every day he either gains $1 (with probability p) or loses $1 (with probability 1-p).
This stops if and when he goes broke.
Find, as a function of p, the probability P that the man will eventually go broke.
How can we actually justify / be sure though that P(p) needs to be continuous? Is it just something 'obvious'?Let Pn be the probability that the man goes broke, given that he currently has $n.
To go broke starting from $1, he must either:
(1) lose $1 with probability (1-p);
OR
(2) gain $1 with probability p AND then go broke from a new starting point of $2.
That is:
P1 = (1-p) + p.P2
To go broke from a starting point of $2, regardless of how much money he accumulates from there, he must first pass through $1.
The probability of going from $2 to $1 must be the same as going from $1 to nothing, ie. P1
So P2 = P1.P1 (two steps of -$1 are needed)
So:
P1 = (1-p) + p.P12
p.P12 - P1 + (1-p) = 0
Solving the quadratic gives:
P1 = 1
OR
P1 = (1-p)/p
The second equation doesn't give valid probabilities for p ≤ 1/2.
So the value of P1 for p ≤ 1/2 must be 1.
It should be clear that if p = 1, then P1 = 0. The second solution gives this value.
The second solution also gives P1 = 1 when p = 1/2.
So the only way of getting a continuity of P1 values as p changes is if:
P1 = 1 for p ≤ 1/2
P1 = (1-p)/p for p > 1/2
That was my worry too. I know the answer is correct, but I'm not sure how to justify that, other than it seems to be common sense (and yes, I know a lot of things that seem to be common sense turn out not to be true).How can we actually justify / be sure though that P(p) needs to be continuous? Is it just something 'obvious'?
Fewer heads than tails does not guarantee no consecutive heads, e.g. we could have H,H,T,T,T,T,T.The amount of heads (H) and the amount of tails (T) must fall under the condition H =< T for no consecutive heads to occur.
Consider the case when n T's are thrown (n = even)
= 1 way
n-1 T's and 1 H is thrown
= n!/(n-1)! = n ways
n-2 T's and 2 H is thrown
= (n-1)C(2)
n-3 T's and 3H is thrown
= (n-2)C(3)
.
.
.
n/2 H's and n/2 T's
= (n/2 + 1)C(n/2)
Summing, the total ways = 1 + n + (n-2)C(3) + (n-3)C4 + ... + (n/2 + 1)C(n/2)
= summation from k=0 to k=n/2 of (n+1 -k)C(k)
... which I don't know how to evaluate lol
not even sure if this is right can someone check?
For those cases I used the insertion methodFewer heads than tails does not guarantee no consecutive heads, e.g. we could have H,H,T,T,T,T,T.
Oh right, I think I misunderstood your method before.For those cases I used the insertion method
which would mean it's 6C2 for that example
Is my method valid for n= even?Oh right, I think I misunderstood your method before.
This is the approach I was looking for, although I wasn't sure if suggesting recursion made it too easy.
Yes haha.Is my method valid for n= even?
Is there a way to simplify the summation? Like starting off with a binomial expansion and then substituting some value inYes haha.
Is the aim here to block out my questions?Question I saw: In a chess tournament, n women and 2n men participated, and each one of them played only one game with everybody else. The ratio of the number of games won by women to the number of games won by men is 7:5. Find the number of men that participated in the tournament if no game was over in a tie.
Answer: 6 men
Are we assuming theres n is even otherwise one person doesnt play another ?Is the aim here to block out my questions?