In gambling a Dutch book or lock is a set of odds and bets which guarantees a profit, regardless of the outcome of the gamble. It is associated with probabilities implied by the odds not being coherent.
In economics a Dutch book usually refers to a sequence of trades that would leave one party strictly worse off and another strictly better off. Typical assumptions in consumer choice theory rule out the possibility that anyone can be Dutch-booked.
Read more about Dutch Book: Gambling, Economics, Popular Culture
Famous quotes containing the words dutch and/or book:
“‘Tis probable Religion after this
Came next in order; which they could not miss.
How could the Dutch but be converted, when
The Apostles were so many fishermen?
Besides the waters of themselves did rise,
And, as their land, so them did re-baptize.”
—Andrew Marvell (1621–1678)
“To revolutionize, at one effort, the universal world of human thought, human opinion, and human sentiment.... All that he has to do is to write and publish a very little book. Its title should be simple—a few plain words—”My Heart Laid Bare.” But—this little book must be true to its title.”
—Edgar Allan Poe (1809–1849)