Graduate Seminar

Department of Mathematics, University of Virginia

Fridays, 2:30 - 3:30 PM, Kerchof 317



"Gambling Problems - Wager, Wealth, and Optimal Winning"

Justin Webster

October 23, 2009

Abstract: The Gambler's foremost problem is to find positive expectation bets. It is well-known one can achieve favorable odds in certain casino games. In the game of Black Jack, card counting can bolster odds to well beyond even. Here, we consider the problem of finding an "optimal" betting strategy given a favorable game. Optimality conditions are examined in the context of Black Jack (or a biased coin flip), and an optimal strategy based on the Kelly Criterion is presented. Practical applications of such a strategy are explored using approximation by standard Brownian motion. Only basic probability concepts are assumed.


Rationale

The graduate student seminar was started in the spring of 1999 by several junior faculty members.  They hoped it would serve as a meeting place for junior faculty members and graduate students to socialize and to talk about mathematics.

The seminar was designed with several goals in mind.  The seminar gives everyone a chance to interact outside of class while providing exposure to some of the current interests of the department.  As a result, graduate students in their early years have a chance to become more familiar with the potential areas of study.  Perhaps the most important goal of the seminar is to provide graduate students with an open forum in which to practice giving mathematical talks in a supportive environment.

The seminar was intended for graduate students and junior faculty in an attempt to foster a less intimidating atmosphere for discussion.  Such a friendly, informal environment not only makes it easier for the speakers, but promotes more audience participation.  Most talks last about 45 minutes, which leaves sufficient time for comments and questions afterward.  There have been a wide variety of topics covered.  Many speakers have presented material related to their research while others have chosen to speak about topics that may not be directly related to their studies.  Some people have even used the seminar to prepare for professional talks.  Though topics vary, the goal is to keep the mathematical intensity at an appropriate level so that graduate students not specializing in that discipline can still follow the presentation and learn something.



Scheduled Talks

Fall 2009

September 4Daniel ReMine"Distribution Theory: Generalized Functions and Differentiation"
September 18Matt Zaremsky"The Chevalley Group: The Chevrolet of Groups"
September 25Craig Kleski"The Joy of C(X)"
October 9Matt Hogancamp"What is a Categorification?"
October 23Eric Finster"The Primes Are a Curve! The Wacky World of Schemes"
November 6Justin Webster"Gambling Problems - Wager, Wealth, and Optimal Winning"

If you are interested in speaking, please contact Joe, Rob, or Katie.

Past Talks

2008-2009

Other Years




Contact information:
       Joe Johnson, jcj5h@virginia.edu, 3-8778
       Rob McEwen, ram7s@virginia.edu, 4-4167
       Katie Quertermous kgs5c@virginia.edu, 4-4944

Last updated October 29, 2009

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