Richard Arnold Epstein Quotes

Richard Arnold Epstein , also known under the pseudonym E. P. Stein, is an American game theorist.

✵ 5. March 1927
Richard Arnold Epstein: 27   quotes 0   likes

Famous Richard Arnold Epstein Quotes

“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.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Four, Coins, Wheels, And Oddments, p. 90

“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.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Three, Fundamental Principles Of A Theory Of Gambling, p. 53

“Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Nine, Weighted Statistical Logic And Statistical Games, p. 296

Richard Arnold Epstein Quotes about the game

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

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Two, Mathematical Preliminaries, p. 36

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

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Three, Fundamental Principles Of A Theory Of Gambling, p. 44

Richard Arnold Epstein Quotes

“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.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Three, Fundamental Principles Of A Theory Of Gambling, p. 61

“The hope of a positive expected gain lies in detecting a wheel with sufficient bias.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Four, Coins, Wheels, And Oddments, p. 113

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

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter One, Kubeiagenesis, p. 1

“Anthropologists have often commented on the striking resemblance between the uneducated gambler and the primitive.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Eleven, Fallacies And Sophistries, p. 391

“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.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Nine, Weighted Statistical Logic And Statistical Games, p. 299

“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.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Three, Fundamental Principles Of A Theory Of Gambling, p. 43

“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.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Four, Coins, Wheels, And Oddments, p. 98

“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.”

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Two, Mathematical Preliminaries, p. 24

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

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Nine, Weighted Statistical Logic And Statistical Games, p. 287

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