A theorem of de Finetti states that if odds are posted on each set in a finite partition of a probability space, then either the odds are consistent with a finitely additive probability measure or a sure win is possible. A generalization of this result is proved which in turn implies a generalization of Von Neumann's theorem on the existence of the value of a game. Also, two horse race examples are considered.
CITATION STYLE
Heath, D. C., & Sudderth, W. D. (1972). On a Theorem of De Finetti, Oddsmaking, and Game Theory. The Annals of Mathematical Statistics, 43(6), 2072–2077. https://doi.org/10.1214/aoms/1177690887
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