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https://hdl.handle.net/2440/2480
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Type: | Journal article |
Title: | Parrondo's paradox |
Author: | Harmer, G. Abbott, D. |
Citation: | Statistical Science: a review journal, 1999; 14(2):206-213 |
Publisher: | Institute of Mathematical Sciences |
Issue Date: | 1999 |
ISSN: | 0883-4237 |
Statement of Responsibility: | G. P. Harmer and D. Abbott |
Abstract: | We introduce Parrondo’s paradox that involves games of chance. We consider two fair gambling games, A and B, both of which can be made to have a losing expectation by changing a biasing parameter ε . When the two games are played in any alternating order, a winning expectation is produced, even though A and B are now losing games when played individually. This strikingly counter-intuitive result is a consequence of discrete-time Markov chains and we develop a heuristic explanation of the phenomenon in terms of a Brownian ratchet model. As well as having possible applications in electronic signal processing, we suggest important applications in a wide range of physical processes, biological models, genetic models and sociological models. Its impact on stock market models is also an interesting open question. © 1999 Institute of Mathematical Statistics. |
DOI: | 10.1214/ss/1009212247 |
Published version: | http://projecteuclid.org/euclid.ss/1009212247 |
Appears in Collections: | Aurora harvest 6 Electrical and Electronic Engineering publications |
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