Applying Chaos Theory to Risk Management in a Game of Chance

• Autorzy: Ireneusz J. Jóźwiak , Aleksander Mariański , Jan Switana , Michał Szczepanik
• Języki publikacji: EN

Abstrakty

EN

Purpose: The purpose of the paper is to illustrate the usage of techniques known from chaos theory to analyze the risk Design/methodology/approach: In this case the objects of application are winnings graphs of different poker players. Two types of players are presented; winning players (those with positive expected value) and breaking even players (expected value close to zero). Findings: Charts were analyzed with a fractal dimension calculated with the box method. Originality/value: Relation between fractal dimension and Hurst exponent is shown. Relation between risk in sense of chaos theory and players' long-term winning is also described. Further applications of chaos theory to analyze the risk in games of chance are also proposed.(original abstract)

Słowa kluczowe

EN

Risk analysis; Game theory; Hazard; Chaos theory

PL

Analiza ryzyka; Teoria gier; Hazard; Teoria chaosu

• Czasopismo: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
• Rocznik: 2020
• Numer: z. 144
• Strony: 195--211

Twórcy

autor

Ireneusz J. Jóźwiak

• Wroclaw University of Science and Technology

autor

Aleksander Mariański

• Wroclaw University of Science and Technology

autor

Jan Switana

• Wroclaw University of Science and Technology

autor

Michał Szczepanik

• Wroclaw University of Science and Technology

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Identyfikatory

DOI

10.29119/1641-3466.2020.144.16