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. Recently, there has been a surge of interest in the statistical and mathematical theory behind gambling. Columbia pictures released a new movie "21" in July 2008 staring Jim Sturgess, Kevin Spacey, Kate Bosworth, Laurence Fishburne, Aaron Yoo, and Liza Lapira. Inspired by the true story of MIT students who mastered the art of card counting and took Vegas casinos for millions in winnings. 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. The book is written at a fairly sophisticated mathematical level, this is not - Gambling for Dummies - or 'how to beat the odds' book, and a background in upper level undergraduate mathematics is essential to reading and understanding this book.

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