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.
Richard Arnold EpsteinThe 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.
Richard Arnold EpsteinThere are no conventional games involving conditions of uncertainty without risk.
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 EpsteinReflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.
Richard Arnold EpsteinTreatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that its practical value is likely to be limited. An additional complication, not encompassed by most stock market models, arises from the manifestation of the market as a nonzero sum game.
Richard Arnold Epstein