What probability distribution applies?

In summary, Peter and Paul have a bet where they each put in one dollar and allow the other unlimited credit. The probabilities of Peter being ahead by $10, $100, and $1000 are calculated for different values of p (the probability of Peter winning the game). It is suggested that if winning is in streaks, then p should be raised to the powers of 10, 100, and 1000. However, it is questioned how this would be represented if the wins are not in streaks.
  • #1
elmarsur
36
0

Homework Statement



Peter and Paul bet one dollar each on each game. Each is willing
to allow the other unlimited credit. Use a calculator to make a
table showing, to four decimal places, for each of p = 1/10, 1/3,
.49, .499, .501, .51, 2/3, 9/10 the probabilities that Peter is ever
ahead by $10, by $100, and by $1000. (p is the probability of Peter winning the game)



Homework Equations



I don't know.

The Attempt at a Solution



I don't know what distribution applies, or how to choose the variables.

Thank you very much for any help.
 
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  • #2
If winning is in streaks of 10, 100, 1000 then each p is raised to those powers.
But if it is done haltingly (e.g., to win 10 games ahead of Paul, Peter wins 7 in a row, then loses 2, then wins again 5 in a row) how could this be represented?

Thank you, if anyone still looks here.
 

FAQ: What probability distribution applies?

What probability distribution applies?

There are many different probability distributions that can be applied in various situations. Some of the most frequently asked questions about probability distributions include:

1. What is a probability distribution?

A probability distribution is a mathematical function that describes the likelihood of all possible outcomes of a random variable. It maps the probabilities of different outcomes to their respective values.

2. What are the types of probability distributions?

There are many types of probability distributions, but some of the most commonly used ones include the normal distribution, binomial distribution, Poisson distribution, and exponential distribution. Each of these distributions has its own characteristics and is used to model different types of data.

3. How do I determine which probability distribution to use?

The choice of probability distribution depends on the type of data being modeled and the research question being addressed. It is important to understand the characteristics and assumptions of each distribution in order to select the most appropriate one for a given situation.

4. Can a probability distribution be used to predict outcomes?

Yes, probability distributions can be used to make predictions about the likelihood of future outcomes. However, the accuracy of these predictions depends on the quality of the data and the assumptions made about the underlying distribution.

5. Are there any limitations to using probability distributions?

While probability distributions are powerful tools for analyzing data, they do have some limitations. For example, some distributions may not accurately model all types of data, and making assumptions about the underlying distribution can introduce errors in the analysis. It is important to carefully consider the data and research question before selecting a probability distribution to use.

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