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What's Luck Got to Do with It?: The History, Mathematics, and Psychology of the Gambler's Illusion [Hardcover]

Joseph Mazur
4.8 out of 5 stars  See all reviews (10 customer reviews)

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Book Description

May 17, 2010

Why do so many gamblers risk it all when they know the odds of winning are against them? Why do they believe dice are "hot" in a winning streak? Why do we expect heads on a coin toss after several flips have turned up tails? What's Luck Got to Do with It? takes a lively and eye-opening look at the mathematics, history, and psychology of gambling to reveal the most widely held misconceptions about luck. It exposes the hazards of feeling lucky, and uses the mathematics of predictable outcomes to show when our chances of winning are actually good.

Mathematician Joseph Mazur traces the history of gambling from the earliest known archaeological evidence of dice playing among Neolithic peoples to the first systematic mathematical studies of games of chance during the Renaissance, from government-administered lotteries to the glittering seductions of grand casinos, and on to the global economic crisis brought on by financiers' trillion-dollar bets. Using plenty of engaging anecdotes, Mazur explains the mathematics behind gambling--including the laws of probability, statistics, betting against expectations, and the law of large numbers--and describes the psychological and emotional factors that entice people to put their faith in winning that ever-elusive jackpot despite its mathematical improbability.

As entertaining as it is informative, What's Luck Got to Do with It? demonstrates the pervasive nature of our belief in luck and the deceptive psychology of winning and losing.


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Editorial Reviews

Review

From the dice-playing of Neolithic peoples to modern lotteries and casino capitalism, he tracks the history of placing bets. He explains both the mathematics of chance and the psychological and emotional factors that entice some people to risk it all to win that improbable jackpot. (Joanne Baker Nature)

In What's Luck Got to Do With It?, mathematician Joseph Mazur explores these misconceptions, taking the reader on an entertaining and accessible tour of the history of gambling, the way mathematicians quantify luck and the psychology that keeps gamblers returning to the table. A book worth taking a chance on. (New Scientist)

Doubtless aimed at the interested gambler, the frequent cultural references, anecdotes and intervention of psychology nevertheless make the book appealing reading. (Times Higher Education)

Both an analysis of the idea of luck, the gambling impulse, and a history of it, stretching back to Neolithic times, the Renaissance (Francis Drake and Ben Johnson often played hazard--an early form of dice) up to the age of one-arm bandits. (Steven Carroll The Age)

Because Mazur's not judgmental about luck and gambling, but is analytical, the book is a winner. It's not just a mathematician telling us that we'll never hit a million-dollar jackpot--it's a mathematician looking at why we continue to hope to hit that jackpot. This book should be required reading for anyone in the casino business, and anyone who spends more than a fraction of their disposable income on gambling should find it informative, if nothing else. It's a reasoned, but also passionate, search for the meaning of luck that may change the way you look at a pair of dice--or your mortgage. (dieiscast.com)

What's Luck Got to Do with It? is an entertaining and informative history of gambling beginning with the Ice Age. . . . Anyone who has an interest in probability will enjoy Mazur's ideas and insights. (Mathematics Teacher)

Readers will find many an unexpected treat in Mazur's exploration of luck, or, as Mazur might say, the likelihood of long runs of desired outcomes within the purview of the law of large numbers. (Andrew James Simpson Mathematical Reviews Clippings)

From the Inside Flap

"Mazur's book treats luck in a fresh light. The philosophy and emotional aspects (along with a little mathematics) are all there. The reader who delves in will be lucky indeed."--Persi Diaconis, Stanford University

"Blending math with memoir, probability with psychology, and heuristics with history, Mazur has written an essential book for anyone who wants to get a better idea of why we consistently bet against the odds. From the betting window to Wall Street, he offers insights into both the mechanics of chance and the enduring appeal that luck holds for those who wager every day, whether they call it gambling, speculation, or just hoping for the best. Engaging and illuminating, this is a guaranteed winner."--David G. Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas, and author of Roll the Bones: The History of Gambling

"This is a fascinating book. It's a fresh, funny, philosophical look at gambling by a mathematician who knows what he's talking about, and who has quite obviously thought about gambling for a long time. Mazur isn't afraid to make provocative, opinionated statements. I have not seen a gambling book like this before. I think it will attract a lot of readers."--Paul J. Nahin, author of Digital Dice

"This book is significant in that it offers a lively and diverse collection of gambling-related ideas. Mazur's robust blend of anecdotes, history, psychology, and mathematics differs from other attempts to discuss these ideas. He offers plenty of insights into the questions and issues he raises."--Edward Packel, author of The Mathematics of Games and Gambling


Product Details

  • Hardcover: 296 pages
  • Publisher: Princeton University Press (May 17, 2010)
  • Language: English
  • ISBN-10: 0691138907
  • ISBN-13: 978-0691138909
  • Product Dimensions: 6 x 0.9 x 9 inches
  • Shipping Weight: 1.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (10 customer reviews)
  • Amazon Best Sellers Rank: #741,331 in Books (See Top 100 in Books)

More About the Author

His full name is Joseph Conrad Mazur. His mother bought a used copy of Lord Jim in London on her way from Vienna to America, thinking that if she could read it with a dictionary it might improve her English. Like Mazur's mother, Conrad was Polish-born, so she felt that English written by a Pole must be easy to understand.

JOSEPH MAZUR is Professor Emeritus of Mathematics at Marlboro College where he has taught a wide range of classes in all areas of mathematics, its history and philosophy. He holds a Ph.D. in mathematics from M.I.T., and is a Guggenheim Fellow. He is the author of Euclid in the Rainforest: Discovering Universal Truth in Mathematics (Finalist of the 2005 PEN/​Martha Albrand Award and chosen as one of Choice's 2005 Outstanding Academic Titles of the Year) and the editor of the recently republished classic by Tobias Dantzig, Number: The Language of Science. He is the author of The Motion Paradox: The 2,500-Year Old Puzzle Behind All the Mysteries of Time and Space. His latest book is What's Luck Got to do With it?, published by Princeton University Press in 2011.


Customer Reviews

4.8 out of 5 stars
(10)
4.8 out of 5 stars
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In my view, this is Dr. Mazur's best book so far. Sorina Eftim  |  3 reviewers made a similar statement
Most Helpful Customer Reviews
12 of 12 people found the following review helpful
5.0 out of 5 stars All About Gambling and Gamblers June 21, 2010
Format:Hardcover
As explained in this fascinating book, the subject of gambling has intrigued humanity for millennia. The taking of risks, for whatever reason, has always instilled some level of exhilaration in the minds of many - occasionally with disastrous consequences. The author, a professor of mathematics, has succeeded admirably in touching upon most aspects of gambling that may be of interest to both the general reader as well as the most dedicated gambler. The book is divided into three main sections. In the first (about 70 pages), the history of gambling and risk taking is covered from earliest times up to the 2008 economic crisis. In the second section (about 80 pages), the author examines the mathematics of probability and calculates the odds of winning at various types of games, e.g., cards, dice, roulette, horse racing, etc. In the final section (about 60 pages), the author discusses the psychological aspects of gambling. Here, questions like: "What makes a problem gambler?" and "Why do gamblers often gamble against overwhelming odds and risk losing everything?" are addressed.

The writing style is clear, lively, friendly and authoritative. The author's many personal anecdotes add a special touch. Regarding accessibility, the first and last sections can be enjoyed by anyone. On the other hand, the math section may present problems to those who are math phobic. Fortunately for them, this section may be skipped without any loss in understanding the other two sections. Although most math principles are clearly explained and supplemented with useful appendices, I did do some occasional head-scratching, often (but not always) resulting from the odd misprint.
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5 of 5 people found the following review helpful
5.0 out of 5 stars A great look at luck August 9, 2010
Format:Hardcover
Joseph Mazur is a mathematics professor who's written books about math for the popular audience, and his writing style is wonderfully suited to discussing a complex subject in a friendly way. Maybe the greatest compliment I can pay Mazur is that he doesn't come across like a professor in his writing-he's more like a very interesting guy sitting next to you on a plane ride out to Las Vegas, who's got several hours worth of anecdotes and an occasional mathematical proof to back them up.

WHAT'S LUCK GOT TO DO WITH IT? tackles what might be the million-dollar question when it comes to gambling: why do people consistently bet against the odds? Demonstrating that he's not approaching his subject from too great a distance, Mazur treats the reader to a debate between his uncles-two of whom are racetrack devotees, one of whom insists that gambling is a sure path to ruin and warns against feeling to sure that luck is on your side. The book essentially seeks to identify just what luck is, and reconcile it with the dry mechanics of probability and the law of large numbers. Involving history, psychology, and several examples from popular culture,the book uses its mathematical backbone to ask and answer some key questions about gambling and luck.

The book is divided into three parts. The first is an outstanding brief history of gambling from the dawn of time to about 2008. No matter what you've read about the topic, you'll probably still learn something new here. Then Mazur looks into the math of gambling and luck, and relates the underlying theoretical truths that make gambling work the way it does. Along the way Mazur works in several personal anecdotes that keep the reading lively.
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5 of 6 people found the following review helpful
5.0 out of 5 stars History, Art, Psychology and most of all Insight June 2, 2010
Format:Hardcover|Amazon Verified Purchase
My dad had a gambling addiction that I just could not understand.
This book gave me key insights into the whys of this with a multi-dimensional tour of the universe of gambling.
I opened the book to the index for an initial random look and found Benjamin Franklin, then on to page 52 to find out he ran a lottery! And George Washington and Thomas Jefferson participated in lotteries. My notion that gambling in the US was something new is now revised.
The book does not avoid mathematics, but the math does not interrupt the history, and psychological insight.
A spectacular tour of the universe through gambling.
PS: The book is physically a coffee table art book with beautiful illustrations.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Masterful telling on the Gambler's Illusion November 22, 2010
Format:Hardcover
This is another great beautiful book by Prof. Mazur that is sure to entertain, inform and intrigue in equal measure. I am not a math phobic, on the contrary, but I cannot help admire how he manages to make the subject (and probability!) easily accessible to a broad number of people with his stories and clever examples and figures. Any aspiring author wishes he/she could be that gifted. In the same conversational style as in his previous works, Dr. Mazur takes us on a research trip on gambling.
The book is divided in three parts, the first two are about the history and mathematics of gambling (fascinating telling of the ways and means gambling came about, most likely the result of painstaking rummaging through seventeenth century original texts and letters - the references are amazing! At some point I felt as if walking through a museum with the text as explanatory notes for the exhibits - beautiful historical reproductions). The last part of the book is a fascinating (and I suspect for most people the most popular and intriguing part) "analysis" of gambling psychology. As someone else also mentioned, I agree that this part deserves a more extensive treatment, you just to keep on reading.
This is one of those books that leaves you with an amazing feeling of accomplishment upon finishing it. You feel as if you just finished reading three books, all in the space of about 200 pages. I loved the illustrations, the notes and the novel "balloon callouts", but then I love this kind of detail. This is a perfect general audience book. I also liked the fact that the author clearly does not have an agenda , he's not pro or against gambling. This is a scientifically sound and comprehensive review of gambling - past, present, future. In my view, this is Dr. Mazur's best book so far.
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Most Recent Customer Reviews
4.0 out of 5 stars Really well explained key concepts
Really well explained key concepts about fundamentals, where I picked up key points.

The history section of gambling was nothing new. Read more
Published 26 days ago by Thomas
5.0 out of 5 stars An in-depth look at why humans gamble and why even intelligent people...
The mathematics behind most casino games and lotteries can be understood by everyone except the most mathematically naive. Read more
Published 24 months ago by Charles Ashbacher
4.0 out of 5 stars Entertaining snapshots of the psychology of gambling
For being well written, accurate, interesting and entertaining to the general reader this book deserves 5 stars, though I have some idiosyncratic criticisms. Read more
Published on November 12, 2010 by David J. Aldous
5.0 out of 5 stars The Best Explanation of the Financial Meltdown Yet
This is a fascinating, easy to read book about many facets of our culture related to gambling, risk taking, and superstitious beliefs surrounding luck. Read more
Published on November 7, 2010 by Vivian Port
5.0 out of 5 stars VERY GOOD BOOK ON THE ILLUSIONS OF GAMBLERS
Probability not luck is the rule. The knowledge of the odds is a great understanding of how luck is not personal. To believe otherwise is an illusion. Read more
Published on November 7, 2010 by K. Humphrey
5.0 out of 5 stars A mathematical idiot loves this book
I am a mathematical idiot, but I love this book! I read it over two months ago, and have needed to step back in order to figure out why it appeals to me. Read more
Published on September 2, 2010 by An admirer of well written books
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