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Richard Arnold Epstein Quotes: The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation.
         

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


Richard Arnold Epstein
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Other quotes of Richard Arnold Epstein


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 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.



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.

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.

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.

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.

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.

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.

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





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Fallen man is both terrified of vulnerability and committed to maintaining independence.

Fallen man is both terrified of vulnerability and committed to maintaining independence.



I am shamelessly biased about the people in my life, and it makes sense to me that other people are the same.

I am shamelessly biased about the people in my life, and it makes sense to me that other people are the same.



'ER' was so huge that whatever I did coming back to television, I'd have to feel as strongly about.

'ER' was so huge that whatever I did coming back to television, I'd have to feel as strongly about.



We are rough men and used to rough ways.

We are rough men and used to rough ways.



You know, there's something heartsick about parties like this. Look at us. We're all pretending to be smart, as if intelligence were the cure for our anguish.

You know, there's something heartsick about parties like this. Look at us. We're all pretending to be smart, as if intelligence were the cure for our anguish.



I want people to listen to the lyrics of each song and absorb the music fully before they look at me and make a judgment about what they think my music will or should sound like.

I want people to listen to the lyrics of each song and absorb the music fully before they look at me and make a judgment about what they think my music will or should sound like.



I read these polls because civil-liberties organizations tell me I need to be aware of public opinion.

I read these polls because civil-liberties organizations tell me I need to be aware of public opinion.



Premature ideas do not exist, one must bide one's time until the right moment comes along.

Premature ideas do not exist, one must bide one's time until the right moment comes along.



The higher I get the lower I sink.

The higher I get the lower I sink.



It's a kindness that the mind can go where it wishes.

It's a kindness that the mind can go where it wishes.




Quote Description


This page presents the quote "The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained by empirical observation.". Author of this quote is Richard Arnold Epstein. This quote is about observation, gains, utility, individual, mathematical, assumption,.