Putnam

The answer is $\frac{3+\sqrt{5}}{2}$. Note that for $m > n+1$, both binomial coefficients are nonzero and their ratio is $${m\choose n-1}/{m-1\choose n} = \frac{m!n!(m-n-1)!}{(m-1)!(n-1)!(m-n+1)!} = \frac{mn}{(m-n+1)(m-n)}.$$ Thus the condition ${m\choose{n-1}} > {{m-1}\choose n}$ is equivalent to $(m-n+1)(m-n)-mn < 0$. The left hand side of this last inequality is a quadratic function of $m$ with roots $$\alpha(n) = \frac{3n-1+\sqrt{5n^2-2n+1}}{2}, \quad \beta(n) = \frac{3n-1-\sqrt{5n^2-2n+1}}{2},$$ both of which are real since $5n^2-2n+1 = 4n^2+(n-1)^2 > 0$; it follows that $m$ satisfies the given inequality if and only if $\beta(n) < m < \alpha(n)$. (Note in particular that since $\alpha(n)-\beta(n) = \sqrt{5n^2-2n+1} > 1$, there is always some integer $m$ between $\beta(n)$ and $\alpha(n)$.) We conclude that $M(n)$ is the greatest integer strictly less than $\alpha(n)$, and thus that $\alpha(n)-1 \leq M(n) < \alpha(n)$. Now $$\lim_{n\to\infty} \frac{\alpha(n)}{n} = \lim_{n\to\infty} \frac{3-\frac{1}{n}+\sqrt{5-\frac{2}{n}+\frac{1}{n^2}}}{2} = \frac{3+\sqrt{5}}{2}$$ and similarly $\lim_{n\to\infty} \frac{\alpha(n)-1}{n} = \frac{3+\sqrt{5}}{2}$, and so by the sandwich theorem, $\lim_{n\to\infty} \frac{M(n)}{n} = \frac{3+\sqrt{5}}{2}$.