Glossary Terms

ball (roulette)

The rouletteRoulette is a popular casino table game originating from France. Players place bets on either a single number, various groupings of numbers, the colors red… More ball is the small, marble-sized ball that is spun around a roulette wheel (by the croupierA “croupier” is primarily a European term, referring to the casino game attendant […]

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basic strategy and card counting

Basic Strategy The basic strategy, or just basic, is the best way to play each hand without keeping track of cards removed from play during previous betting rounds (that is, without “counting cards”), assuming that the player’s goal is to maximize expected valueFor a more detailed, historical consideration of expected value, with more complicated detailed,

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Bayes’ theorem and base rate neglect

Bayes’ theorem refers to a probabilistic framework for updating beliefs in light of new evidence. Initially derived from the work of the Reverend (and statistician and philosopher) Thomas Bayes, published in 1763, this theorem provides a formal method for revising prior probabilities based on observed data, thus allowing for the incorporation of new information.

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behavioral decision sciences

The term behavioral decision sciencesThe term behavioral decision sciences refers to an interdisciplinary field that combines psychology, economics, statistics, computer science, and management science to understand how individuals, groups,… More refers to an interdisciplinary field that combines psychology, economics, statistics, computer science, and management science to understand how individuals, groups, and organizations make decision-relevant judgments

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bias

In decision scienceThe term behavioral decision sciences refers to an interdisciplinary field that combines psychology, economics, statistics, computer science, and management science to understand how individuals, groups,… More, bias refers to systematic and predictable deviations from accepted models of rationality. In scientific language, “systematic” and “predictable” are not meant to imply that everyone exhibits the

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blackjack

BlackjackBlackjack, also referred to as 21, is a popular casino card game where players attempt to have a hand value closer to 21 than the… More, also referred to as 21, is a popular casino card game where players attempt to have a hand value closer to 21 than the dealerA “croupier” is primarily a

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bounded rationality

The concept of bounded rationalityThe concept of bounded rationality refers to the idea that human rationality is constrained by (1) available information, (2) cognitive / information processing limitations, and… More refers to the idea that human rationality is constrained by (1) available information, (2) cognitive / information processing limitations, and (3) available time. The term

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break even

Breaking evenBreaking even refers to a situation where a gambler wins an amount of money equal to the amount they have wagered over a certain period,… More refers to a situation where a gambler wins an amount of money equal to the amount they have wagered over a certain period, resulting in neither a net

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bust (blackjack)

BustingBusting is the act of getting a point total higher than twenty-one in blackjack, which results in an automatic loss for whoever busts. If both… More is the act of getting a point total higher than twenty-one in blackjackBlackjack, also referred to as 21, is a popular casino card game where players attempt to have

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