In our most Puritan of society, gambling-like other pleasures-is either taxed, restricted to certain hours, or forbidden altogether. Yet the impulse to gamble remains an eternal aspect of the irrationality of man. It finds outlets in business, war, politics, in the formal overtures of the gambling casinos, and in the less ceremonious exchanges among individuals of differing opinions.
Richard Arnold EpsteinThe earliest full-length account of a chariot race appears in Book xxiii of the Iliad.
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 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