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About a year ago, we embarked on a quest to answer one of the most intriguing questions: If you flip a fair coin and catch it in hand, what's the probability it lands on the same side it started? Today, we are finally ready to share the results. Thanks to my friends, collaborators, and even strangers from the internet, we collected flippin 350,757 coin flips. We ran several "Coin Tossing Marathons" (e.g., https://youtu.be/3xNg51mv-fk?si=o2E3hKa-ReXodOmc) and spent countless hours flipping coins. In short, we found overwhelming evidence for a "same-side" bias predicted by Diaconis, Holmes, and Montgomery 2007: If you start heads-up, the coin is more likely to land heads-up and vice versa. How large is the bias? In our sample, the mean estimate is 50.8%, CI [50.6%, 50.9%]. We also found considerable variance in the same-side bias between our 48 tossers. The bias varied with a standard deviation of 1.6%, CI [1.2%, 2.0%], in our sample. The variation could be explained by a different degree of "wobbliness" between our tossers. If you bet a dollar on the outcome of a coin toss 1000 times, knowing the starting position of the coin toss would earn you 19$ on average. This is more than the casino advantage for 6-deck blackjack against an optimal player (5$) but less than that for single-zero roulette (27$). The manuscript is at arXiv: https://arxiv.org/abs/2310.04153
And the open data, code, and video recordings at OSF: https://osf.io/pxu6r/. Diaconis, P., Holmes, S., & Montgomery, R. (2007). Dynamical bias in the coin toss. SIAM Review, 49(2), 211-235. https://doi.org/10.1137/S0036144504446436 |
This sounds like the plot of a western where a man travels from town to town and gleans a little cash from the local waterhole a little every time. I did the math though, in order to get just the $19, assuming you played a modest 20 times a day, it'd take 10 weeks (not including weekends), and by that point people would definitely figure out your trick. In order to make any profit quickly, you'd have to distribute the strategy, after which your secret would explicitly be out there. Even assuming perfectly honest colleagues, having that many parallel people using the same strategy in the open means that before you turn any real profit, people will find out. It's a fun idea to fantasize about though.
Anyway, cheers on the paper! Pretty cool result that you guys put the effort in in implementing.