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Quote by Richard Arnold Epstein

“Treatment 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.”

Quote by Richard Arnold Epstein

Author

Richard Arnold Epstein

Richard Arnold Epstein (born March 5, 1927) is an American physicist, mathematician, and author known for his contributions to game theory, probability theory, and military operations research. He worked at the RAND Corporation during the Cold War, focusing on strategic analysis and decision science. Epstein authored classic texts such as 'The Theory of Gambling and Statistical Logic' and 'Probability and Statistics for Engineers and Scientists,' which are widely used in academic and professional settings. His work bridged pure mathematics and practical applications, influencing fields like economics, engineering, and defense strategy. Epstein's legacy lies in his ability to make complex theories accessible and relevant to real-world problems. more

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