Richard Arnold Epstein: Gambling

Richard Arnold Epstein is American physicist. Explore interesting quotes on gambling.
Richard Arnold Epstein: 54   quotes 0   likes

“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 Epstein

Preface To The First Edition, p. xiii
The Theory of Gambling and Statistical Logic (Revised Edition) 1977

War , Pleasure , Business

“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.”

Richard Arnold Epstein

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

Decision

“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.”

Richard Arnold Epstein

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Four, Coins, Wheels, And Oddments, p. 75

History , Game , Time

“Although the major gambling casinos do not maintain statistical records on the results of games of Craps, one event has been recorded-that wherein a young man achieved 28 consecutive "passes" at the Desert Inn Casino, Las Vegas, Nevada (June 10, 1950). Odds against such an event are 400 million to 1.”

Richard Arnold Epstein

Source: The Theory of Gambling and Statistical Logic (Revised Edition) 1977, Chapter Five, Coups And Games With Dice, p. 149

Game