Epstein The Theory Of Gambling And Statistical Logic
- Recent advances in the field, particularly Parrondo's paradox, have triggered a surge of interest in the statistical and mathematical theory behind gambling. This interest was acknowledge in the motion picture, '21,' inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos.
- The Theory of Gambling and Statistical Logic - Richard A. Epstein - Google Books Early in his rise to enlightenment, man invented a concept that has since been variously viewed as a vice, a crime.
- Epstein, Richard A., 1927-Theory of gambling and statistical logic. New York: Academic Press, 1977 (OCoLC)681445651: Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Richard A Epstein.
- Review of 'The Theory of Gambling and Statistical Logic' (Epstein, R. A.; 1967) Published in: IEEE Transactions on Information Theory ( Volume: 15, Issue: 5, September 1969 ) Article #.
The theory of gambling and statistical logic Item Preview. The theory of gambling and statistical logic by Epstein, Richard A., 1927-Publication date 1967.
A betting strategy (also known as betting system) is a structured approach to gambling, in the attempt to produce a profit. To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine.[1] Betting systems are often predicated on statistical analysis.
Mathematically, no betting system can alter long-term expected results in a game with random, independent trials, although they can make for higher odds of short-term winning at the cost of increased risk, and are an enjoyable gambling experience for some people. Strategies which take into account the changing odds that exist in some games (e.g. card counting and handicapping), can alter long-term results.[1][2][3]
This is formally stated by game theorist Richard Arnold Epstein in The Theory of Gambling and Statistical Logic as:
Theorem 1: If a gambler risks a finite capital over many plays in a game with constant single-trial probability of winning, losing, and tying, then any and all betting systems lead ultimately to the same value of mathematical expectation of gain per unit amount wagered.[1]
Examples[edit]
Common betting systems include:
Epstein The Theory Of Gambling And Statistical Logic Theory
- Card games – Card counting
- Roulette – Martingale
- Sports – Handicapping
Horse racing[edit]
Some Horse racing betting systems can be based on pure statistical analysis of the odds, while others also analysis of physical factors (e.g. the horses' form, jockey form and lane draw). Common forms of betting systems for horse racing are:
The Theory Of Gambling And Statistical Logic By Richard A. Epstein
- hedging- betting on multiple outcomes in a race
- arbitrage- lay the horse a low price and back it at a high price
See also[edit]
References[edit]
- ^ abcEpstein, Richard A. (2014-06-28). The Theory of Gambling and Statistical Logic, Revised Edition. Gulf Professional Publishing. p. 53. ISBN9780080571843.
- ^Shackleford, Michael. 'The Truth about Betting Systems - Wizard of Odds'. wizardofodds.com. Retrieved 2017-10-09.
- ^Burrell, Brian (1998). Merriam-Webster's Guide to Everyday Math: A Home and Business Reference. Merriam-Webster. p. 226. ISBN9780877796213.
Early in his rise to enlightenment, man invented a concept that has since been variously viewed as a vice, a crime, a business, a pleasure, a type of magic, a disease, a folly, a weakness, a form of sexual substitution, an expression of the human instinct. He invented gambling.
Epstein The Theory Of Gambling And Statistical Logic Definition
Recent advances in the field, particularly Parrondo's paradox, have triggered a surge of interest in the statistical and mathematical theory behind gambling. This interest was acknowledge in the motion picture, '21,' inspired by the true story of the MIT students who mastered the art of card counting to reap millions from the Vegas casinos.
Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching to blackjack, from Tic-Tac-Toe to the stock market (including Edward Thorp's warrant-hedging analysis). He even considers whether statistical inference can shed light on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study. The book is written at a fairly sophisticated mathematical level; this is not 'Gambling for Dummies' or 'How To Beat The Odds Without Really Trying.' A background in upper-level undergraduate mathematics is helpful for understanding this work.