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 uniformly better than a strategy of random selection.
Reflecting an amalgam of economics, monetary, and psychological factors, the stock market represents possibly the most subtly intricate game invented… - Richard Arnold Epstein
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
A weakness of the random-walk model lies in its assumption of instantaneous adjustment, whereas the information impelling a stock market toward its "…
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
The French philosopher Pierre-Hyacinthe Azaïs (1766-1845) formalized the statement that good and evil fortune are exactly balanced in that they produ…
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
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 …
A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution. - Richard Arnold Epstein
A proven theorem of game theory states that every game with complete information possesses a saddle point and therefore a solution.
The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained… - Richard Arnold Epstein
The assumption that individuals act objectively in accordance with purely mathematical dictates to maximize their gain or utility cannot be sustained…
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
Treatment of the apparently whimsical fluctuations of the stock quotations as truly non stationary processes requires a model of such complexity that…
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
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…
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
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…
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