Richard Arnold Epstein Quotes

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.

Against human opposition the machine usually emerges victorious, since individual patterns tend to be not random but a function of emotions and previous training and experience.

Coin matching and finger flashing were among the first formal games to arise in the history of gambling. The class of Morra games extends back to the pre-Christian era, although not until comparatively recent times have game-theoretic solutions been derived.

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.

The French philosopher Pierre-Hyacinthe Azaïs (1766-1845) formalized the statement that good and evil fortune are exactly balanced in that they produce for each person an equivalent result.

There are no conventional games involving conditions of uncertainty without risk.

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.

A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution.

In general statistics can be considered as the offspring of the theory of probability, it builds on its parent and extends the area of patronymic jurisdiction.

"Breaking the bank at Monte Carlo" is a euphemism for closing a single gaming table. It was last accomplished at the Casino Ste. des Bains de Mer during the final days of 1957, with a harvest of 180 million francs.

Shortly after pithecanthropus erectus gained the ascendancy, he turned his attention to the higher-order abstractions.

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.