It should be noted that this duration is considerably longe… - William Feller

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It should be noted that this duration is considerably longer than we naively expect. If two players with 500 dollars each toss a coin until one is ruined, the average duration of the game is 250,000 trials. If a gambler has only one dollar and his adversary has 1000, the average duration is 1000 trials.

William Feller

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About William Feller

William "Vilim" Feller (July 7, 1906 – January 14, 1970), born Vilibald Srećko Feller, was a Croatian-American mathematician specializing in probability theory. Feller was one of the greatest probabilists of the twentieth century, who is remembered for his championing of probability theory as a branch of mathematical analysis in Sweden and the United States.

Also Known As

Native Name: Vilibald Srećko Feller

Alternative Names: Vilim Feller • Will Feller • W. Feller

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Richard von Mises Richard Arnold Epstein William Poundstone Ivars Peterson Leonard Mlodinow

Additional quotes by William Feller

The theory of independent experiments is the analytically simplest and most advanced part of probability theory.

It is not necessary to think of gambling places; the statistician who applies statistical tests is engaged in a dignified sort of gambling, and in his case the distribution of the random variables changes from occasion to occasion.

Only yesterday the practical things of today were decried as impractical, and the theories which will be practical tomorrow will always be branded as valueless games by the practical man of today.

It should be noted that this duration is considerably longer than we naively expect. If two players with 500 dollars each toss a coin until one is ru… - William Feller

About William Feller

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Additional quotes by William Feller