Who Invented Kelly? (nt)
The Kelly Criterion is named after its inventor,John Kelly,an engineer
who published the relevant article in the 1955 edition of the
Bell journal of Economics. I do not remember the precise title but it's
something like "Optimal Rate of Information Exchange" whatever that
means. I believe the 1966 edition of Beat the Dealer has the exact
title.
P.S.to DD I left amessage for you under your post regarding
10% rebate on losses. This refers to Griffin's contribution in
"Extra STuff" and I filed it in the wrong place. CHeers.
If you ever thought card counting was complicated, should try to understand this paper:
Kelly, J.L. Jr. "A New Interpretation of Information Rate" Bell Systems Technical Journal, 35, (1956) 917-926.
The original article is here:
