TL;DR
This paper employs Markov chains and numerical linear algebra to analyze coin possession, identifying optimal and realistic spending strategies that minimize the expected number of coins held.
Contribution
It introduces a novel application of Markov chains to model coin spending strategies and compares their effectiveness in minimizing coin holdings.
Findings
Optimal strategy minimizes expected coins
Realistic strategies are evaluated and compared
Computational analysis requires several CPU hours
Abstract
We use Markov chains and numerical linear algebra -- and several CPU hours -- to determine the expected number of coins in a person's possession under certain conditions. We identify the spending strategy that results in the minimum possible expected number of coins, and we consider two other strategies that are more realistic.
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