Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented…

- 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 "…

- 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 produ…

- Richard Arnold Epstein

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

- 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 …

- 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…

- Richard Arnold Epstein

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

- 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…

- 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, f…

- Richard Arnold Epstein