Optimal strategies for betting on HI-LO

Jim Freeman

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Previous attempts at determining the optimum strategy for playing the HI-LO sequential gaming routine relied heavily on decision analysis methodology. In contrast the approach described in this paper involves a stochastic dynamic programming (backward recursion) treatment. Details of the new procedure are presented, together with illustrative - and revealing - results for an existing test application.
Original languageEnglish
Title of host publication49th Annual Conference of the Operational Research Society 2007, OR49|49th Annu. Conf. Oper. Res. Soc. 2007, OR 2007
PublisherOperational Research Society
Pages66-78
Number of pages12
Publication statusPublished - 2007
Event49th Annual Conference of the Operational Research Society 2007, OR49 - Edinburgh
Duration: 1 Jul 2007 → …

Other

Other49th Annual Conference of the Operational Research Society 2007, OR49
CityEdinburgh
Period1/07/07 → …

Keywords

  • Decision analysis
  • Dynamic programming
  • Gaming
  • Markov processes

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