A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value" gradually becomes disseminated throughout the market place. — Richard Arnold Epstein Copy Share Image
Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man. — Richard Arnold Epstein Copy Share Image
Generally, a betting system for which each wager depends only on present resources and present probability of success is known as a Markov betting… — Richard Arnold Epstein Copy Share Image
The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation. — Richard Arnold Epstein Copy Share Image
Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical… — Richard Arnold Epstein Copy Share Image
The earliest full-length account of a chariot race appears in Book xxiii of the Iliad. — Richard Arnold Epstein Copy Share Image
A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "intrinsic value"… — Richard Arnold Epstein Copy Share Image
Coin matching and finger flashing were among the first formal games to arise in the history of gambling. The class of Morra games extends… — Richard Arnold Epstein Copy Share Image
A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution. — Richard Arnold Epstein Copy Share Image
The essence of the phenomenon of gambling is decision making. The act of making a decision consists of selecting one course of action, or… — Richard Arnold Epstein Copy Share Image
The French philosopher Pierre-Hyacinthe Azaïs (1766-1845) formalized the statement that good and evil fortune are exactly balanced in that they produce for each person… — Richard Arnold Epstein Copy Share Image
While no rigorous proof of an optimal strategy has been achieved, Robbins has proposed the principal of "staying on a winner" and has shown… — Richard Arnold Epstein Copy Share Image
From a rational standpoint, it might be expected that man should be far more willing to express financial confidence in his skills rather than… — Richard Arnold Epstein Copy Share Image
One of the oldest mythological fables tells of Mercury playing at dice with Selene and winning from her the five days of the epact… — Richard Arnold Epstein Copy Share Image
There are no conventional games involving conditions of uncertainty without risk. — Richard Arnold Epstein Copy Share Image
In our most Puritan of society, gambling-like other pleasures-is either taxed, restricted to certain hours, or forbidden altogether. Yet the impulse to gamble remains… — Richard Arnold Epstein Copy Share Image
