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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.
John Larry Kelly Jr. (December 26, 1923 – March 18, 1965), was an American scientist who worked at Bell Labs. From a "system he'd developed to analyze information transmitted over networks," from Claude Shannon's earlier work on information theory , he is best known for his 1956 work in creating the Kelly criterion formula.
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]
Moira Kelly (born March 6, 1968) [2] is an American actress. She is known for portraying Kate Moseley in the 1992 film The Cutting Edge as well as single mother Karen Roe on the teen drama One Tree Hill .
Kelly Kamalelehua Smith (October 13, 1962 – July 12, 2020), known professionally as Kelly Preston, was an American actress.She appeared in more than 60 television and film productions, including Mischief (1985), Twins (1988), Jerry Maguire (1996), and For Love of the Game (1999).
Kelly LeBrock [1] (born March 24, 1960 [2]) is an American actress and model. Her acting debut was in The Woman in Red (1984), alongside Gene Wilder . She also starred in the John Hughes film Weird Science (1985), and in Hard to Kill (1990), opposite her then-husband Steven Seagal .
Kathryn Kelly (March 18, 1904 – May 28, 1985) [1] [non-primary source needed] was an American criminal active during the prohibition era. She was involved in bootlegging , assisted her fourth husband, George Kelly Barnes (" Machine Gun Kelly "), in his crimes, and actively encouraged the idea that her husband was a dangerous criminal. [ 2 ]