Publication Date
1997
Recommended Citation
Edelman, D., Lessons from the financial theory of horse racing, School of Accounting & Finance, University of Wollongong, Working Paper 3, 1997.
https://ro.uow.edu.au/accfinwp/54
Abstract
Throughout history, man's understanding of Risk appears to have been led by those seeking to accumulate wealth through games of chance, and, much later, through investment. Generally, there was little development in the understanding of Risk or Chance until the 18th century, when mathematicians such as Bernoulli, Pascal, Laplace, and others began to investigate and characterise even the most elementary properties of coins and dice.