The Theory of Gambling and Statistical Logic

 
9780323282758: The Theory of Gambling and Statistical Logic

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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From the Back Cover:

Richard Espstein'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). Epstein is witty and insightful, a pleasure to dip into and read and rewarding to study.

Review:

This classic text, previously available in hardcover only...and out of print for years, has finally been published in a less expensive paperback edition. Every serious player should have this book in his library.
--ARNOLD SNYDER, Publisher and Editor, Blackjack Forum Magazine<$>, Author, BLACKBELT IN BLACKJACK
"Richard Epstein's marvelous book is now a classic account of gambling games and their underlying laws of probability. Its range of topics exceeds that of any comparable work. Clearly written, accurate, it should be on the bookshelf of anyone seriously interested in probability theory, especially in its application to recreational games."
--MARTIN GARDNER, Former Columnist, Scientific American<$>
"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. THORP, Author of BEAT THE DEALER
"Gambling is pervasive: witness the growth of lotteries, horse racing, and casinos; but buying houses, commodity contracts, stocks, precious metals and currencies are subject to similar statistical laws. Epstein's classic work provides a clear treatment of the basic principles to analyze such situations and to separate them into those with edges (investments) and those that are unbeatable (gambles). It's a delight to teach from this book and to browse through the many interesting sections on the various games of chance. Bravo Academic Press for making this seminal work available to more students of gambling and investment."
--DR. WILLIAM T. ZIEMBA, University of British Columbia
"Epstein's classic work is a must-read for anyone planning to teach a course in probability or properly operate a casino. Serious players have known about the book for years. In the 15 years I've been marketing director of Gambler's Book Shop, few other books have ever commanded the respect of this statistical landmark. It's time a whole newgeneration of players and casino management re-discover this challenging yet rigorous treasure-trove of material."
--HOWARD SCHWARTZ, Marketing, Research Director, Gambler's Book Shop, Las Vegas, Nevada
"...Richard Epstein's classic The Theory of Gambling and Statistical Logic<$> helped kindle my interest in the mathematics of gambling. The book is a fascinating treasury of games and methods to analyze them."
--PETER GRIFFIN, California State University, Sacramento, Author, THE THEORY OF BLACKJACK
"Richard Epstein's classic text, The Theory of Gambling and Statistical Logic<$> has defined the mathematics of gambling for an entire generation of researchers, statisticians, computer programmers, and serious students of the various games of chance we play. In this monumental work, Epstein has taken it upon himself to answer more questions about more games than any other single book before or since. I do not know of any serious researcher in the field of gambling statistics who does not pay homage to Richard Epstein. It is a boon not only to players, but to the entire gambling industry that this book is now being made available in a paperback edition."
--ARNOLD SNYDER, Publisher and Editor, Blackjack Forum Magazine<$>, Author, BLACKBELT IN BLACKJACK
"Epstein's classic contains all the math you need to analyze casino and other games."
--STANFORD WONG, Author of PROFESSIONAL BLACKJACK, and the monthly Current Blackjack News<$>

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