Gambler’s Ruin
Suppose I start gambling with $13 and with the goal of walking away with double my money. If I have 55% probability of winning $1 and 45% probability of losing $1 at each gamble, what's the probability that I will lose all my money before I double it? This is the Gambler's Ruin problem.
This article has 4 sections:
- Introduction: Introduction to the gambler's ruin problem
- Theory: The solution to the Gambler's Ruin problem
- Methodology: How the simulation will be carried out
- Pseudocode: Summary of the Python Code