## The Theory of Gambling and Statistical Logic[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. Richard Epstein's classic book on gambling and its mathematical analysis covers the full range of games from penny matching, to blackjack and other casino games, to the stock market (including Black-Scholes analysis). He even considers what light statistical inference can shed on the study of paranormal phenomena. Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study. |

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### Contents

CONTRACT BRIDGE | 9 |

MATHEMATICAL PRELIMINARIES | 12 |

Game theory | 33 |

The basic theorems | 52 |

COINS WHEELS AND ODDMENTS | 75 |

Coin games | 90 |

Casino games | 109 |

Problems | 122 |

Optimal strategies | 225 |

Possible improvements | 248 |

The family tree | 252 |

Bidding | 269 |

Horse racing | 287 |

War games | 303 |

Miscellaneous statistical games | 324 |

GAMES OF PURE SKILL AND COMPETITIVE COMPUTERS | 337 |

Formal dice games | 135 |

Related games | 155 |

Card probabilities | 172 |

Formal card games | 186 |

Poker problems | 212 |

Computer programs for board games | 375 |

FALLACIES AND SOPHISTRIES | 391 |

Epilogue | 409 |

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### Common terms and phrases

according achieve additional appears applied assume balls betting Bridge cards casinos chance chips coin combinations complete condition consider consists contains dealer's decision deck defined determine dice distribution drawing equal Equation event example exists expectation expression five four function gain gambling given greater hand heads illustrated increases independent indicated initial known less loses loss match mathematical mathematical expectation matrix maximum mean move noted objective obtaining occurs odds offers operation opponent optimal strategy original outcome pair particular pass payoff percent permitted pile placed play player Poker position possible probability problem random rank ratio referred remaining represents respectively rules sample selected sequence shuffle single situation solution specified statistical success suit Table tails theorem theory throws tion trials unit utility wager winning York zero

### Popular passages

Page 389 - There's no use trying,' she said: 'one CAN'T believe impossible things.' 'I daresay you haven't had much practice,' said the Queen. 'When I was your age, I always did it for half-an-hour a day. Why, sometimes I've believed as many as six impossible things before breakfast.

### References to this book

Dynamic Noncooperative Game Theory Tamer Başar,Tamer Basar,Geert Jan Olsder No preview available - 1999 |

Predictability of Stock Market Prices Clive William John Granger,Oskar Morgenstern Snippet view - 1970 |