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Example of the optimal Kelly betting fraction, versus expected return of other fractional bets. In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet) is a formula for sizing a sequence of bets by maximizing the long-term expected value of the logarithm of wealth, which is equivalent to maximizing the long-term expected geometric growth rate.
Kelly betting or proportional betting is an application of information theory to investing and gambling. Its discoverer was John Larry Kelly, Jr. Part of Kelly's insight was to have the gambler maximize the expectation of the logarithm of his capital, rather than the expected profit from each bet. This is important, since in the latter case ...
In probability theory, Proebsting's paradox is an argument that appears to show that the Kelly criterion can lead to ruin. Although it can be resolved mathematically, it raises some interesting issues about the practical application of Kelly, especially in investing. It was named and first discussed by Edward O. Thorp in 2008. [1]
The Kelly criterion assumes that only one bet is available during each time period, and maximizes the growth over time by using that one opportunity to its fullest. If however multiple bets are available at any given time, that run in parallel and whose outcomes are not completely correlated, then it makes sense to distribute a smaller amount ...
Connells Limited, [1] trading as Connells Group, [2] is a British estate agency [3] and property services company headquartered in Leighton Buzzard, and a subsidiary of Skipton Building Society. History
The house c. 1936-43. The mansion was built from 1835 [1] or 1836 to 1838 for Alfred Kelley. [5] Kelley was a notable politician and lawyer, responsible for the Ohio and Erie Canal and Cleveland, Columbus and Cincinnati Railroad. [6]