The Theory of Gambling and Statistical Logic

The Theory of Gambling and Statistical Logic

3.67 (31 ratings by Goodreads)
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Description

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.
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Product details

  • Hardback | 456 pages
  • 154.94 x 228.6 x 30.48mm | 725.74g
  • Academic Press Inc
  • San Diego, United States
  • English
  • 2nd edition
  • 0123749409
  • 9780123749406
  • 899,089

Review quote

REVIEW OF THE FIRST EDITION: "This classic book should be part of the library of everyone who wants to better understand games and gambling. The treatment is unique, original, and intriguing." - EDWARD O. THORPE, AUTHOR OF BEAT THE DEALER
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Table of contents

Preface to Revised Edition. Preface to First Edition. Kubeiagenesis. Mathematical Preliminaries. The Meaning of Probability. The Calculus of Probability. Statistics. Game Theory. Fundamental Principles of a Theory of Gambling. Decision Making and Utility. The Basic Theorems. Coins, Wheels, and Oddments. Biased Coins. Statistical Properties of Coins. Coin Matching. Coin Games. Diverse Recreations. Casino Games. Problems. Coups and Games With Dice. ABrief Chronicle. Detection of Bias. Probability Problems With Dice. Formal Dice Games. Casino Games. Related Games. Dice Divertissments. The Play of the Cards. Origins and Species. Randomness and Shuffling. Card Probabilities. Simple Card Games. Matching Problems. Formal Card Games. Casino Games. Card Games With Skill. Poker Problems. Blackjack. Memorabilia. Rules. Pertinent Mathematics. Optimal Strategies. Possible Improvements. Blackjack Variations. Contract Bridge. The Family Tree. Assumption. Distributional Probabilities. Residual Probabilities. Evaluation Systems. Bidding. The Play. Expectations. Bridge-Playing Computers. Bridge Mutants. Weighted Statistical Logic and Statistical Games. Strategic Selection. Horse Racing. TheStock Market. War Games. Games With Information Lag. Hide-and-seek Games. Dueling. Miscellaneous Statistical Games. Inquizition. Games of Pure Skill and Competitive Computers. Games of Pure Skill. Computer Programs for Board Games. Two Board Problems. Fallacies and Sophistries. Psychology and Psilosophy. Paranormal Phenomena. Epilogue. Appendix Tables. Author Index. Subject Index.
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Review Text

REVIEW OF THE FIRST EDITION: "This classic book should be part of the library of everyone who wants to better understand games and gambling. The treatment is unique, original, and intriguing." - EDWARD O. THORPE, Author, Beat the Dealer REVIEW OF THE FIRST EDITION: "This classic book should be part of the library of everyone who wants to better understand games and gambling. The treatment is unique, original, and intriguing." - EDWARD O. THORPE, Author, Beat the Dealer
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Rating details

31 ratings
3.67 out of 5 stars
5 16% (5)
4 45% (14)
3 29% (9)
2 10% (3)
1 0% (0)
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