The Theory of Gambling and Statistical Logic: Edition 2

Richard A. Epstein

Dec 2012 · Academic Press

About this ebook

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.

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.

• Comprehensive and exciting analysis of all major casino games and variants
• Covers a wide range of interesting topics not covered in other books on the subject
• Depth and breadth of its material is unique compared to other books of this nature

Richard Epstein's website: www.gamblingtheory.net

About the author

Born in 1943, Richard A. Epstein graduated from Columbia in 1964 with a degree in philosophy. He continued his education at Oxford, earning a B.A. in law in 1966, and from there attended Yale, where he received an LL.B. in 1968. Following graduation Epstein joined the faculty at the University of Southern California, teaching there until 1972. He became a regular member of the faculty at the University of Chicago in 1973, where he was named James Parker Hall Professor in 1982 and Distinguished Service Professor in 1988. Richard Epstein writes extensively concerning the law. His works include Simple Rules for a Complex World (1995), Bargaining with the State (1993) and Forbidden Grounds: The Case Against Employment Discrimination Laws (1992).