  The Parrondo's paradox is a counterintuitive phenomenon where
individually-losing strategies can be combined in producing a winning
expectation. In this paper, the issues surrounding the Parrondo's paradox are
investigated. The focus is lying on testifying whether the same paradoxical
effect can be reproduced by using a simple capital dependent game. The
paradoxical effect generated by the Parrondo's paradox can be explained by
placing all the parameters in one probability space. Based on this framework,
it is able to generate other possible paradoxical effects by manipulating the
parameters in the probability space.
