Balanced Quote by Richard Arnold Epstein

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

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

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

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

The earliest full-length account of a chariot race appears in Book xxiii of the Iliad.

— Richard Arnold Epstein

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

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

A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution.

— Richard Arnold Epstein

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

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

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

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