Freeware Palm Software - Smart Gambler's Calculator for Palm OS 1.0

Smart Gambler's Calculator allows one to depend the main parameters for fixed-size and fixed-fraction betting. The main input parameters are grouped into several groups. The first group contains data about the properties of a single wager: probability of winning the wager, and the wages (prize-to-bet ratio). The second group contains parameters of the gambler's "console zone": bankroll, bit of games to wager (or bit of bets to rank), and desired gain or prize-to-win in these games / bets. The calculator shows the expected value (gain / lose in the long move) and standard deflection (variability) of this gambling or investment opportunity. For the intent wager, the probabilities of reaching the goal and of losing the bankroll are calculated. For the fixed-fraction betting strategy, the optimal fraction (percentage) of bankroll is determined. In contrast to Kelly's organization, in which it is false that a musician is a risk-averse human (so not a gambler) and which is applicable only to games with plus expected values, this organization has none of these restrictions. The optimality is determined in the following mode. First of totally, the optimal fixed-fraction wager should denigrate the probability of destroy. In theory, if money were "infinitely divisible, " the probability of destroy in fixed-fraction betting is aught. The second objective / criterion is to maximize the probability of reaching the accomplished goal, and the third objective / criterion is to maximize the expected value of the musician's bankroll, discipline to restrictions set by the previous criteria.