Stakes and Chips

OT Johnson

doi:10.1111/j.1740-9713.2006.00147.x

Stakes and Chips

OT Johnson

Research output: Contribution to journal › Article (Academic Journal) › peer-review

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Abstract

Gambling has provided centuries of inspiration to probabilists and statisticians. The process continues. There also exist fundamental links between betting and a newer subject, Information Theory, which began with Claude Shannon and his ground-breaking 1948 paper A Mathematical Theory of Communication. It is a result which arises very naturally. A successful gambler and a successful data compression algorithm must both accurately estimate probability distributions. There are practical results as well as theoretical: Shannon and colleagues, including the legendary gambler and mathematician Edward Thorp, actually attempted to apply results from information theory in Las Vegas casinos and stock market transactions.

Translated title of the contribution	Stakes and Chips
Original language	English
Pages (from-to)	22 - 25
Number of pages	4
Journal	Significance
Volume	3 (1)
DOIs	https://doi.org/10.1111/j.1740-9713.2006.00147.x
Publication status	Published - Mar 2006

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Publisher: Blackwell Publishing for the Royal Statistical Society

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title = "Stakes and Chips",

abstract = "Gambling has provided centuries of inspiration to probabilists and statisticians. The process continues. There also exist fundamental links between betting and a newer subject, Information Theory, which began with Claude Shannon and his ground-breaking 1948 paper A Mathematical Theory of Communication. It is a result which arises very naturally. A successful gambler and a successful data compression algorithm must both accurately estimate probability distributions. There are practical results as well as theoretical: Shannon and colleagues, including the legendary gambler and mathematician Edward Thorp, actually attempted to apply results from information theory in Las Vegas casinos and stock market transactions.",

author = "OT Johnson",

note = "Publisher: Blackwell Publishing for the Royal Statistical Society",

year = "2006",

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doi = "10.1111/j.1740-9713.2006.00147.x",

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AB - Gambling has provided centuries of inspiration to probabilists and statisticians. The process continues. There also exist fundamental links between betting and a newer subject, Information Theory, which began with Claude Shannon and his ground-breaking 1948 paper A Mathematical Theory of Communication. It is a result which arises very naturally. A successful gambler and a successful data compression algorithm must both accurately estimate probability distributions. There are practical results as well as theoretical: Shannon and colleagues, including the legendary gambler and mathematician Edward Thorp, actually attempted to apply results from information theory in Las Vegas casinos and stock market transactions.

U2 - 10.1111/j.1740-9713.2006.00147.x

DO - 10.1111/j.1740-9713.2006.00147.x

M3 - Article (Academic Journal)

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SP - 22

EP - 25

JO - Significance

JF - Significance

ER -

Stakes and Chips

Abstract

Bibliographical note

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