1/ Historically, though statistics started in gambling, it has been driven by the risk-management motive, not the luck-creation motive
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6/ There is another field that has this somewhat dismal/pessimistic risk-oriented flavor: psychology
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7/ Throughout much of its history, psychology has been about mental illness and pathologies rather than making good minds better
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@vgr I don't think that is fair. You are referring to a sports book/parimutuel system here. -
@vgr Participants trading creates a net benefit - we've known this Ricardo. - 3 more replies
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@vgr hmm why are you so sure markets create no wealth? -
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@garybasin Not an ironclad belief. I am willing to be convinced otherwise. - 1 more reply
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@vgr thats why fund managers have had such a difficult time beating the index once retail investors exited.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr Less-prepared minds lose bets to you, to fund your stable of quants & their server farms. Mass-manufacturing everyone else's hard luck.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr markets that raise the risk bearing capacity of society by better allocations enable new forms of wealth, i.e. long distance sea tradeThanks. Twitter will use this to make your timeline better. UndoUndo
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