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# kelly betting

kelly betting

If the input symbols to a communication channel represent the outcomes of a chance event on which bets are available at odds consistent with their probabilities (i.e., \fair” odds), a gambler can use the knowledge given him by the received symbols to cause his money to grow exponentially. kelly betting The maximum exponential rate of […] kelly betting

If the input symbols to a communication channel represent the outcomes of a chance event on which bets are available at odds consistent with their probabilities (i.e., \fair" odds), a gambler can use the knowledge given him by the received symbols to cause his money to grow exponentially.

#### kelly betting

The maximum exponential rate of growth of the gambler's

capital is equal to the rate of transmission of information over the channel. This result is generalized to include the case of arbitrary odds.Thus we nd a

situation in which the transmission rate is signi cant even though no coding is contemplated. Previously this quantity was given signi¯cance only by a theorem

of Shannon's which asserted that, with suitable

encoding, binary digits could be transmitted over the channel

at this rate with an arbitrarily small probability of error.

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• عنوان مقاله : kelly betting
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