Richard Arnold Epstein Quotes
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.
The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation.
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.
Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented by man.
The earliest full-length account of a chariot race appears in Book xxiii of the Iliad.
A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution.