The maths of choices: expected value, utility, the Kelly criterion, minimax and Bayes
Probability-weighted average outcome of a decision.
Optimal fraction of bankroll to bet for long-run growth.
Weighted average of the utility of outcomes, not just their cash value.
One strategy dominates another if its payoff is always higher.
Best worst-case payoff a player can guarantee.
Probability that makes an opponent indifferent between their options.
Update a belief's probability given new evidence.
How much better decisions become with full information.
Difference between the best possible payoff and the one you got.
Convert betting odds into an implied probability.
Your payoff when the opponent mixes strategies.
A game with infinite expected value yet little real worth.
Fair share of the total from a player's marginal contributions.
Win probability needed for a bet to break even.