From a rational standpoint, it might be expected that man should be far more willing to express financial confidence in his skills rather than risking his earnings on the mindless meanderings of chance. Experience, however, has strongly indicated the reverse proposition to hold true.
Richard Arnold EpsteinWhile 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.
Richard Arnold EpsteinThe French philosopher Pierre-Hyacinthe Azaรฏs (1766-1845) formalized the statement that good and evil fortune are exactly balanced in that they produce for each person an equivalent result.
Richard Arnold EpsteinThe 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