Thursday, 03 December 2020


F Fundamental Analysis

A New Interpretation of Information Rate

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Author: J. L. Kelly, Jr. Categoy: Fundamental analysis Pages: 10 Language: English The gambler introduced here follows an essentially diferent criterion from the classical gambler. At every bet he maximizes the expected value of the logarithm of his capital. The reason has nothing to do with the value function which he attached to his money, but merely with the fact that it is the logarithm which is additive in repeated bets and to which the law of large numbers applies. Table of Contents Introduction 1. The gambler with a private wire 2. The general case 3. When the odds are not fair 4. When there is a "track take" Conclusion Acknowledgments  

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