martingaleˈmɑr tnˌgeɪl
martingale (n)
- plural
- martingales
English Definitions:
martingale (noun)
a harness strap that connects the nose piece to the girth; prevents the horse from throwing back its head
dolphin striker, martingale (noun)
spar under the bowsprit of a sailboat
martingale (Noun)
A piece of harness used on a horse to keep it from raising its head above a desired point.
martingale (Noun)
A spar, or piece of rigging that strengthens the bowsprit.
martingale (Noun)
A stochastic process relating random variables to earlier values
martingale (Noun)
A gambling strategy in which one doubles the stake after each loss.
martingale (Noun)
A strap attached to the sword handle, preventing a sword being dropped if disarmed.
Martingale
In probability theory, a martingale is a model of a fair game where knowledge of past events never helps predict future winnings. In particular, a martingale is a sequence of random variables for which, at a particular time in the realized sequence, the expectation of the next value in the sequence is equal to the present observed value even given knowledge of all prior observed values at a current time. To contrast, in a process that is not a martingale, it may still be the case that the expected value of the process at one time is equal to the expected value of the process at the next time. However, knowledge of the prior outcomes may be able to reduce the uncertainty of future outcomes. Thus, the expected value of the next outcome given knowledge of the present and all prior outcomes may be higher than the current outcome if a winning strategy is used. Martingales exclude the possibility of winning strategies based on game history, and thus they are a model of fair games.
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