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.

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.

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.

The earliest full-length account of a chariot race appears in Book xxiii of the Iliad.

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.

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.