Tag Archives: randomness

Sensitive Surveys

In an earlier article, we saw that conducting a survey on a small unbiased sample of the population will give an estimate of the actual quantity we want to measure. For example, if we wish to know how many people … Continue reading

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Surveys and Sampling

Surveys are a good mechanism to gather information about people’s opinions and habits. Surveys work on the principle of sampling; if you want an estimate of people’s opinion, you don’t have to ask each one of them; asking a small … Continue reading

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Lotteries

What is a lottery? First, what category does it fall into? We can classify it as a “scheme”, or a “game”. I mean this in a formal game theory sense. Although the “game” label is also justified due to the … Continue reading

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Risk and Reward

Let us say you are in a game show. You are given a choice of two options A and B. With option A, you obtain a reward of Rs. 1 crore. With option B, one of two outcomes is chosen … Continue reading

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Poker

Poker is an interesting card game involving aspects of risk-taking, skill, chance, probability and psychology. This game serves to illustrate two concepts we have discussed before – randomness and sunk-costs. The following discussion will refer to the “Texas hold ’em” … Continue reading

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Randomness

Randomness is a very interesting concept. Part of the reason being that it is slightly tricky to grasp. Yet we come across this concept in several situations, and even rely on it. One commonplace use of randomness is coin tossing. … Continue reading

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Randomness in Games

An important aspect of any game is the amount of randomness involved. For example, chess is completely deterministic, whereas Ludo involves randomization in the throw of dice on every turn. Games leverage randomness for various reasons. Let’s look at some … Continue reading

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