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Parrondo's paradox

1999; Institute of Mathematical Statistics; Volume: 14; Issue: 2 Linguagem: Inglês

10.1214/ss/1009212247

2168-8745

Derek Abbott, Gregory P. Harmer,

Advanced Thermodynamics and Statistical Mechanics

We introduce Parrondo's paradox that involves games of chance. We consider two fair gambling games, A and B, both of which can be made to have a losing expectation by changing a biasing parameter $\epsilon$. When the two games are played in any alternating order, a winning expectation is produced, even though A and B are now losing games when played individually. This strikingly counter­intuitive result is a consequence of discrete­time Markov chains and we develop a heuristic explanation of the phenomenon in terms of a Brownian ratchet model. As well as having possible applications in electronic signal processing, we suggest important applications in a wide range of physical processes, biological models, genetic models and sociological models. Its impact on stock market models is also an interesting open question.