A principle for dynamic decision-making situations that leads to a sequence of bets finishing in an inescapable loss, as in the case of a bookmaker always gaining from gambling on the outcome of horse...

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...