When studying the Gambler’s Ruin problem, beginners often confuse the state numbers with the probabilities attached to those states. States Represent the Current Situation Suppose Player A currently owns some amount of money. The numbers 0, 1, 2, …, N are simply labels for the possible states of the game. Probabilities Are Attached to States … Continue reading Understanding the Relationship Between States (0, 1, 2, …, N) and Probabilities (P₀, P₁, P₂, …, Pₙ)