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Lessons From The Financial Theory Of Horse Racing, D. Edelman

Faculty of Business - Accounting & Finance Working Papers

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.