Richard Arnold Epstein Quotes
born 1927 United States
Richard Arnold Epstein (born 5 March 1927), also known under the pseudonym E. P.
Random Richard Arnold Epstein quote
24 quotes
The earliest full-length account of a chariot race appears in Book xxiii of the Iliad.
The hope of a positive expected gain lies in detecting a wheel with sufficient bias.
Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.
A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution.
Generally, a betting system for which each wager depends only on present resources and present probability of success is known as a Markov betting system.
There are no conventional games involving conditions of uncertainty without risk.
Anthropologists have often commented on the striking resemblance between the uneducated gambler and the primitive.
The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation.
The essence of the phenomenon of gambling is decision making. The act of making a decision consists of selecting one course of action, or strategy, from among the set of admissible strategies.
Against human opposition the machine usually emerges victorious, since individual patterns tend to be not random but a function of emotions and previous training and experience.
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 an equivalent result.
In general statistics can be considered as the offspring of the theory of probability, it builds on its parent and extends the area of patronymic jurisdiction.
Shortly after pithecanthropus erectus gained the ascendancy, he turned his attention to the higher-order abstractions.
While no rigorous proof of an optimal strategy has been achieved, Robbins has proposed the principal of "staying on a winner" and has shown it to be uniformly better than a strategy of random selection.
Blackjack does possess a memory (the interdependence of the cards) and a conscience (inferior play will inevitably be penalized) and is not democratic (the mental agility and retentiveness of the player are significant factors).
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.
One of the oldest mythological fables tells of Mercury playing at dice with Selene and winning from her the five days of the epact (thus totaling the 365 days of the year and harmonizing the lunar and solar calendars).
Because the fluctuations in the composition of the deck as it is dependent over successive (and dependent) trials, it is intuitively apparent that altering decisions or the magnitude of the wager or both in accordance with the fluctuations should prove advantageous to the player.
Coin matching and finger flashing were among the first formal games to arise in the history of gambling. The class of Morra games extends back to the pre-Christian era, although not until comparatively recent times have game-theoretic solutions been derived.
"Breaking the bank at Monte Carlo" is a euphemism for closing a single gaming table. It was last accomplished at the Casino Ste. des Bains de Mer during the final days of 1957, with a harvest of 180 million francs.