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.
Richard Arnold EpsteinGenerally, 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 EpsteinFrom 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 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 Epstein