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Last round betting

Published online by Cambridge University Press:  14 July 2016

Thomas S. Ferguson*
University of California, Los Angeles
C. Melolidakis*
Technical University of Crete
Postal address: Department of Mathematics, University of California, Los Angeles, CA 90024, USA. e-mail:
∗∗Postal address: Department of Industrial Engineering, Technical University of Crete, Hania, 73100, Greece. e-mail:


Two players with differing amounts of money simultaneously choose an amount to bet on an even-money win-or-lose bet. The outcomes of the bets may be dependent and the player who has the larger amount of money after the outcomes are decided is the winner. This game is completely analyzed. In nearly all cases, the value exists and optimal strategies for the two players that give weight to a finite number of bets are explicitly exhibited. In a few situations, the value does not exist.

Research Papers
Copyright © Applied Probability Trust 1997 

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