Optimal policies for playing variable wager HI-LO

J. M. Freeman

doi:10.1057/palgrave.jors.2602520

Optimal policies for playing variable wager HI-LO

J. M. Freeman

MSM Decision Sciences

Research output: Contribution to journal › Article › peer-review

Abstract

Use of the HI-LO procedure by the gaming industry is ubiquitoushence playing strategies of interest to gamblers and machine providers alike. Players tactics necessarily depend on goals being pursued and consistent with these, a variety of schemes ranging from the aggressive to the timid have evolved. Characteristics of the some of the best known of theseas far as they are applicable to a variable wager version of the HI-LO routineare considered and contrasted. Of interest, results for a relatively risk-aversive scheme, played over a finite number of rounds are reconciled with those obtained asymptotically when maximizing capital growth is the priority.Journal of the Operational Research Society (2009) 60, 79-83. doi:10.1057/palgrave.jors.2602520 Published online 21 November 2007©2009 Operational Research Society Ltd. All rights reserved. 0160-5682/09.

Original language	English
Pages (from-to)	79-83
Number of pages	4
Journal	Journal of the Operational Research Society
Volume	60
Issue number	1
DOIs	https://doi.org/10.1057/palgrave.jors.2602520
Publication status	Published - Jan 2009

Keywords

Gaming
Markov processes
Risk
Stochastic

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10.1057/palgrave.jors.2602520

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AB - Use of the HI-LO procedure by the gaming industry is ubiquitoushence playing strategies of interest to gamblers and machine providers alike. Players tactics necessarily depend on goals being pursued and consistent with these, a variety of schemes ranging from the aggressive to the timid have evolved. Characteristics of the some of the best known of theseas far as they are applicable to a variable wager version of the HI-LO routineare considered and contrasted. Of interest, results for a relatively risk-aversive scheme, played over a finite number of rounds are reconciled with those obtained asymptotically when maximizing capital growth is the priority.Journal of the Operational Research Society (2009) 60, 79-83. doi:10.1057/palgrave.jors.2602520 Published online 21 November 2007©2009 Operational Research Society Ltd. All rights reserved. 0160-5682/09.

KW - Gaming

KW - Markov processes

KW - Risk

KW - Stochastic

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DO - 10.1057/palgrave.jors.2602520

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JO - Journal of the Operational Research Society

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ER -

Optimal policies for playing variable wager HI-LO

Abstract

Keywords

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