Product ID: 99520

Supplementary Print

Undergraduate

In this module random walks are introduced by an example of a gambling game. The associated finite difference equation is developed and solved. The example is generalized and the general solution developed. Exercises introduce the idea of a fair game and other generalizations. The concept of expected gain and the duration of a game are introduced and their usefulness is demonstrated. Generalizations to Markov chains and continuous processes are discussed. Simulation and applications in the life sciences and genetics are noted. Exercises, a model exam, and solutions are given. An appendix and bibliography are included. Upon completion students should be able to: 1) recognize problems that will involve finite difference equations; 2) develop and solve some such problems; and 3) see some of the important applications of random processes and the value of applied mathematics in formulating solutions techniques.** Table of Contents:1. INTRODUCTION2. THE PROBLEM3. EXAMPLES OF THE PROBLEM4. THE MODEL5. SOLUTION OF THE MODEL UTILIZING OUR EXAMPLE6. COMMENTS7. GENERAL SOLUTION8. SOME IMPLICATIONS OF THESE SOLUTION FORMULAS9. EXPECTED GAIN10. COMMENTS ON THE PREVIOUS MODELS11. DURATION OF GAMES12. GENERALIZED APPLICATIONS AND AREAS FOR FURTHER INVESTIGATION13. MODEL EXAM14. SOLUTIONS TO THE EXERCISES15. SOLUTIONS TO THE MODEL EXAMAPPENDIX: FINITE DIFFERENCE EQUATIONSBIBLIOGRAPHY**

©1982 by COMAP, Inc.

UMAP Module

23 pages

- Probability & Statistics ,
- Discrete & Finite Mathematics ,
- Random Walk

- Gambling

High school algebra; solve a quadratic equation by the quadratic formula

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