Solved Case Analysis: The Pelayo Family Plays Roulette by Samuel E. Bodily, Phillip E. Pfeifer, Manel Baucells

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Description

The Pelayo family has been studying roulette wheels and collecting data on tens of thousands of spins. Now the Pelayos have identified a wheel that they want to bet on, which has six numbers that have a 1/30 probability of winning instead of 1/37. They have staked EUR1,000 on this wheel. The question is: How much should they bet in order to have the most capital after 200 rounds? Log utility is used to compare alternatives and find an optimal bet.

Publishing Authority:

Darden Business Publishing – University of Virginia

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