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Quote by Richard Arnold Epstein

“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.”

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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“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.”

Known Depends Resources Probability Betting Wagers

Author:Richard Arnold Epstein

“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.”

Firsts Christian Games Class Solutions Fingers Arise Eras Gambling Formal Coins Matching

Author:Richard Arnold Epstein

“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.”

Has Beens Strategy Proof Winner Staying Principal Selection Optimal

Author:Richard Arnold Epstein

“One of the oldest mythological fables tells of Mercury playing at dice with Selene and winning from her the five days of the epact (thus totaling the 365 days of the year and harmonizing the lunar and solar calendars).”

Years Winning Five Fables Calendars Dice Mercury Days Of The Year

Author:Richard Arnold Epstein

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

Book Race Accounts Length Chariots Iliad

Author: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.”

Values Games Process Models Practicals Arise Manifestation Complexity Treatment Quotations Complication Whimsical Fluctuation Stationary

Author:Richard Arnold Epstein

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

Men Games Economics Psychological Factors Reflecting Monetary Intricate

Author:Richard Arnold Epstein

“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.”

Lying Values Walks Information Models Weakness Assumption Adjustment Instantaneous Intrinsic Value

Author:Richard Arnold Epstein

“From a rational standpoint, it might be expected that man should be far more willing to express financial confidence in his skills rather than risking his earnings on the mindless meanderings of chance. Experience, however, has strongly indicated the reverse proposition to hold true.”

Men Should Might Chance Willing Skills Financial Expected Rational Reverse Earning Propositions Standpoint Mindless

Author:Richard Arnold Epstein

“The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation.”

Individual Gains Observation Mathematical Assumption Utility

Author:Richard Arnold Epstein