Answer the question about the Law of Large Numbers.
A gambler playing blackjack in a casino has lost each of his first 16 bets. If he correctly understood the Law of Large Numbers, which strategy would he use in betting on future blackjack hands?
a. He should bet based on the merit of each individual hand. While the proportion of wins should eventually approach the true probability of winning, this does not mean that he is likely to recover early losses.
b. He should bet more on the next 16 hands, because the proportion of wins should quickly approach the true probability of winning.
b. He should bet less on the next 16 hands, because it doesn't look like this is a good day for him.
d. He shouldn't use any of the above strategies.
◦ b
◦ d
◦ a
◦ c
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