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 an eternal aspect of the irrationality of man. It finds outlets in business, war, politics, in… — 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
