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The Theory of Gambling and Statistical Logic, Revised Edition

Average customer rating:

Excellent Resource!
Disappointing and Often Uninsightful
Very Hard to Find Info
Kubeiagenesis
For what it is, it's a great book

The Theory of Gambling and Statistical Logic, Revised Edition
Richard A. Epstein
Manufacturer: Academic Press
ProductGroup: Book
Binding: Paperback

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ASIN: 012240761X

Book Description

[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.

Customer Reviews:

Excellent Resource!.......2006-09-07

The Theory of Gambling and Statistical Logic is a superbly written book comtaining much knowledge about gambling and assessing the odds for specific games. Epstein begins with an overview of statistics and gambling, followed by chapters on specific items, like dic and coins, and specific games, like blackjack, bridge, and even chess. One caveat: you need more than a rudimentary knowledge of statistics to fully appreciate this book. Also, the book was written in the 1970's before poker (in general) and hold 'em (in specific) became popular. If you are buying The Theory of Gambling and Statistical Logic to analyze poker, I would recommend looking elsewhere.

Disappointing and Often Uninsightful.......2004-03-13

Some parts are interesting, and the writing can be entertaining, but the book is short on insight and clarity and long on tedious tables and uninterpreted computations.

Buy this if you already know probability and would like to see -some- applications and cute games.

Don't buy it if you want insight into particular games; especially, the blackjack and bridge sections (and meager poker section) have virtually no value.

I am a graduate student in mathematics, and enjoy probability theory and games: I should be the ideal audience.
The math is no problem for me, but much is boring, and much time is spent writing huge tables without giving much insight.

Research articles in statistics are easier to read, and far more informative.

The math background is awful: if you don't already know it, don't learn it here.
[Instead, see "The Cartoon Guide to Statistics", or Feller's "Intro to Probability"]
The writing is willfully obscure and florid (though, admittedly,
entertaining): gymkhana, panjandrum, kubiagenesis?

My main objection is the lack of insight: the author does (mostly) correct computations and statements but seldom shows much depth of understanding and rarely conveys any to the reader.

Rather than answering questions or giving examples that convey the meaning of the theory, how it lets you understand questions, Epstein does many unillustrative examples.

This book won't teach you to understand games and gambling, which it could do, and should do.

At best, it provides a basis from which you can (after too much work) begin to understand games. This is not because the subject is that hard (at least not what Epstein covers) -- it's because the material is undigested and Epstein is a poor expositor.

If you want to get something out of this book, be prepared to do the work that Epstein hasn't, and to look at more modern and insightful references.

Here's an example: how many times do you need to shuffle a deck before it's essentially random? Very natural question, of big interest in gambling. Epstein gives a very slick argument, one of the gems of the book (measure entropy of a shuffle) that you need at least 5 shuffles -- but beyond that just writes some equations for 2 shuffles of a 4-card deck and says that a computer would help, and instead tabulates that 18 perfect shuffles of a 58-card deck return it to the original state.

The rest of the book is like this: some question begging for study, perhaps an insight, and then irrelevant and pedantic computations and tables.

There are gems in here (it's a grab-bag), and the writing is often amusing, but it's a frustrating read: it could be so much better.

Very Hard to Find Info.......2003-11-16

Don't read this book if you're a poker player who knows how to divide your outs by number of unseen cards but never took any serious math courses. This is a serious mathematical treatment of gambling.

If you want a more rigorous treatment of the general statistical theory involved in gambling (in general, not just for poker) then this is a book you MUST read. Are you a full or part-time mathematician? Are you someone who took some math courses and is interested in learning about how to mathematically describe different games that involve gambling? Are you wanting to write a computer program to simulate statistical games based on solid mathematics and understand your program? This book is something you don't want to overlook if you answered "yes" to any of those questions. If you answered with a resounding "no" to all of them and are just interested in a particular game and aren't mathematically inclined then you want to look elsewhere.

Kubeiagenesis.......2003-02-01

To the reader who was frustrated by the title of Chapter one, 'Kubeiagenesis', and could not find a definition.

-genesis, is first defined as a suffix, meaning 'origin'.
Kubeia comes from The New Testament Greek Lexicon.

Kubeia (koo-bi'-ah). Definition 1. dice playing 2. metaphor for the deception of men, because dice players sometimes cheated and defrauded their fellow players.

Translated to english in Ephesians as both 'sleight' (KJV) and 'trickery' (NAS).

Clearly, Kubeiagenesis is meant to be the origin of sleight, trickery, and deception.

That it is the first word of the text may be to inform the reader that what follows may be nonintuitive -- but is well defined, documented, and referenced. You may find yourself reading several of the referenced texts before completing the book if you are going to absorb it all.

This book is the Bible on the subject. The author brilliantly interweaves relevant stories, and shows connections to disciplines outside mathematics and gaming. If you simply want answers and don't care how they were calculated, try some of the other texts offered. If you want to understand the subject -- buy this book.

For what it is, it's a great book.......2002-10-22

I would mostly echo the positive reviewers of this book. This book is indeed a classic in the field of probability theory and applied statistics. It is also a great book for people who want a serious, math-intensive treatment of gambling.

I am writing this review mostly to deal with the criticism that this book has received from some of the other reviewers. I would agree with those critics that this book is not for the faint of heart. This book does require a certain comfort level with mathematics.

However, I don't think it's all that fair to bash this book for those alleged faults. Mr. Epstein's book does not pretend to be anything other than a serious treatment (and a serious treatment would require a great deal of mathematical analysis) of gambling. In fact, the serious analysis of gambling is what gave rise to the mathematical disciplines of probability and statistics. Mr. Epstein is (was) an engineer and the book makes that very clear. FAIR criticism would be based on citing problems with the book based on what the book was INTENDED to be. UNfair criticism of this book is based on what the mathematically challenged reader HOPED it would be.

BTW, I do agree with the math-challenged critics that there are some good books out there dealing with a more math-oriented approach to gambling that were written with the intention of appealing to people who wanted to make use of such information and wanted a lighter touch on the math. Among them are the *Theory of Poker* by Skalansky and the other books mentioned on this page.

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