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Karel Janecek: Re: Great to have you back, Karel
> Your way is clear and no problem, but the
> original question, as stated, mentioned
> nothing of a loan nor of casino credit,
> knowing that you would pay it back later.
Of course, and that's why it is complicated and it is NOT correct to take the present value of the future income. Note that I said:
"that [suming up the present value of cash inflows and using it as a bankroll] would be the correct calculation assuming that you can *borrow* for this interest rate."
> So, I'm not sure that we should proceed on
> that assumption. [of being able to borrow]
Definitely not! In my post I just tried to analyze both cases. In this thread we have repeatedly stated the qualitative properties for the complicated case when the player cannot borrow cash, and thus is running a risk of temporary tapping out and losing time -- the opportunity cost.
> Well, it's a start. You've located a
> reference, and you've confirmed that we're
> dealing with a non-trivial problem! Maybe
> one day, you'll want to try to tackle this,
> and we'll publish the research here or --
> dare I think it! -- BJA4?! :-)
Yes, it would be interesting to get some quantitative results applied for blackjack :-)
Karel
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Sun Runner: Re: Great to have you back, Karel
> Your way is clear and no problem, but the
> original question, as stated, mentioned
> nothing of a loan nor of casino credit,
> knowing that you would pay it back later.
> So, I'm not sure that we should proceed on
> that assumption. In fact, I'm sure that we
> should not.
Not to be redundant, but I hope that is the path the discussion stays on.
> Maybe one day, you'll want to try to tackle this, and we'll publish the research here or -
dare I think it! -- BJA4?! :-)
BJA4? Nah, you've done that. Maybe you should write a new book; I bet you have one in you!
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Don Schlesinger: Re: Great to have you back, Karel
> BJA4? Nah, you've done that. Maybe you
> should write a new book; I bet you have one
> in you!
You're not the first one to make the same suggestion. I'll consider it seriously.
Don
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