One of the most extraordinary pieces of new mathematics was a discovery by the Spanish physicist Juan Parrondo, who was building a computer simulation of an effect in quantum theory. One has two simple coin-tossing games, each of which favours one's opponent. Suppose at each turn one chooses randomly which losing game to play. Astonishingly, this random switch between two unfavourable games can produce a favourable one. (For those who find this hard to believe, I will provide a demonstration!)

Parrondo's Paradox has been used to explain the behaviour of viruses, and offers investors the potential to reduce the risk in their portfolios.

The transcript and downloadable versions of the lecture are available from the Gresham College website: http://www.gresham.ac.uk/lectures-and-events/two-losses-make-a-win-how-a-physicist-surprised-mathematicians

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