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Richard Arnold Epstein Quotes: 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.


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.



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.



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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Philosophy of science is about as useful to scientists as ornithology is to birds.

Philosophy of science is about as useful to scientists as ornithology is to birds.



...the best way to know who we are is often to find out how others see us. This doesn't mean that we should do what others expect us to do, but it helps us to understand ourselves better.

...the best way to know who we are is often to find out how others see us. This doesn't mean that we should do what others expect us to do, but it helps us to understand ourselves better.



I aint choose to rhyme, Rhyming chose me.

I aint choose to rhyme, Rhyming chose me.



We can't afford to waste time going slow on changing our party so now is not the time to put our foot on the brake. Now is the time to press on the accelerator.

We can't afford to waste time going slow on changing our party so now is not the time to put our foot on the brake. Now is the time to press on the accelerator.



Life insurance can be numbingly complicated. Clients often turn off their brains and surrender their judgment to the very agent or planner who brought on their coma in the first place.

Life insurance can be numbingly complicated. Clients often turn off their brains and surrender their judgment to the very agent or planner who brought on their coma in the first place.



Your life's work begins when your great joy meets the world's great hunger.

Your life's work begins when your great joy meets the world's great hunger.



Live without seeing, but be what you are.

Live without seeing, but be what you are.



Film actors reach a certain level, but they don't get beyond it unless they work in the theater.

Film actors reach a certain level, but they don't get beyond it unless they work in the theater.



If I am a Pariah, I will be all the more glad, for I am the disciple of a man, who - the Brahmin of Brahmins - wanted to cleanse the house of a Pariah. (here "the man" means Ramakrishna)

If I am a Pariah, I will be all the more glad, for I am the disciple of a man, who - the Brahmin of Brahmins - wanted to cleanse the house of a Pariah. (here "the man" means Ramakrishna)



Imagine a dolphin dancing in the sky. Let it dance with joy. Think of yourself at the bottom of the ocean watching.

Imagine a dolphin dancing in the sky. Let it dance with joy. Think of yourself at the bottom of the ocean watching.




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This page presents the quote "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.". Author of this quote is Richard Arnold Epstein. This quote is about success, resources, wagers, depends, probability, known, betting,.