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Friday, December 9, 2011

The Darwinian concept of gambler’s ruin


Uncommon Descent | Gambler’s ruin is Darwin’s ruin

Thorp is arguably the greatest gambler of all time. He extended his gambling science to the stock market and made a fortune. His net worth is in the fractional to low billions. He is credited with some independent discoveries which were the foundation to the Black-Scholes-Merton equation relating heat transfer thermodynamics to stock option pricing. The equation won the Nobel prize and was the subject of the documentary: The Trillion Dollar Bet.
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