Skill or luck? by Clifford J Sherry Ph.D.
Dr. Sherry examines the statistical concepts of randomness and independence as they affect prices in the markets. He outlines a method of determining whether or not prices are random and/or independent by using probability density functions, quantile analysis and chi-square methodology.
Gambling, legal or illegal, whether in a Vegas or Atlantic City casino, a carnival, or the backroom of your
neighborhood club, is based almost totally on chance or 'luck.' This is especially true of games like Wheel
of Fortune, roulette, slot machines, and dice games like craps (unless you happen to be a dice 'handler'
which can get you into a lot of trouble). It is probably less true of games like blackjack (Twenty-one),
which lends itself to card counting, or poker. But even these games have a significant luck factor.