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Manifest functions are the consequences that people see, observe or even expect. It is explicitly stated and understood by the participants in the relevant action. The manifest function of a rain dance, according to Merton in his 1957 Social Theory and Social Structure, is to produce rain, and this outcome is intended and desired by people participating in the ritual.
The mathematics of gambling is a collection of probability applications encountered in games of chance and can get included in game theory.From a mathematical point of view, the games of chance are experiments generating various types of aleatory events, and it is possible to calculate by using the properties of probability on a finite space of possibilities.
Manifest functions are the consequences that people observe or expect, or what is intended; latent functions are those that are neither recognized nor intended. In distinguishing between manifest and latent functions, Merton argued that one must dig to discover latent functions.
Statistical inference might be thought of as gambling theory applied to the world around us. The myriad applications for logarithmic information measures tell us precisely how to take the best guess in the face of partial information. [1] In that sense, information theory might be considered a formal expression of the theory of gambling. It is ...
The book introduced many important concepts in sociology, like: manifest and latent functions and dysfunctions, obliteration by incorporation, reference groups, self-fulfilling prophecy, middle-range theory and others. [3]
Most theoretical analyses of risky choices depict each option as a gamble that can yield various outcomes with different probabilities. [2] Widely accepted risk-aversion theories, including Expected Utility Theory (EUT) and Prospect Theory (PT), arrive at risk aversion only indirectly, as a side effect of how outcomes are valued or how probabilities are judged. [3]
Example of the optimal Kelly betting fraction, versus expected return of other fractional bets. In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet) is a formula for sizing a sequence of bets by maximizing the long-term expected value of the logarithm of wealth, which is equivalent to maximizing the long-term expected geometric growth rate.
A betting strategy (also known as betting system) is a structured approach to gambling, in the attempt to produce a profit.To be successful, the system must change the house edge into a player advantage — which is impossible for pure games of probability with fixed odds, akin to a perpetual motion machine. [1]