Prunner has distinguished three main elements in the Chinese cards of XVII: literary quotations; toasts and wishes; suits in the form of monetary denomination (from hundred thousands and tens of thousands to hundreds and coins). Later on the officials and toasts disappeared from the cards and only citation and money remained. The most famous Chinese cards are money cards. The value of the card is determined by the denomination of the money cord.

The most ancient Japanese cards were produced from the shells and were intended for literary entertainments of the educated public. The lines from the poems were depicted on the shells. The aim of the game was to correctly combine the shells (to compose a poem). This game was a predecessor of the game called “one hundred poets”. The classical collection of poems of hundred of poets of VII-XIII centuries was presented on these cards in the following manner: one card with an image of the poet, the other one with a line or lines from his poem. The players should properly match the cards.

Heraldic cards.

Their appearance in XVII century is associated with the name of Claude Oronce Fine, who published one of the first decks with coat of arms under the pseudonym of de Brainville in 1660 in Lion: Jeu de Blason, Father Ménestrier, who issued the same deck of cards a couple years later, tells about the first unexpected troubles of Fine: some princes were seriously offended that they were depicted as jacks and aces. The cards were confiscated by the magistrate and Fine had to change the pictures. However, soon the author of the deck became very successful and the cards were reissued with new coat of arms. A community of young noblemen called “Armorists” was formed in Naples; they studied coat of arms of numerous noble families. From Naples the idea reached Venice. In 1682 Benedictine, Dom Kasimir Frescott, offered to the Doge of Venice and to the senate Venetian the deck with coat of arms of Venetian noblemen. The supplementary book to the deck said: “Virtue in game or famous Venetians from patrician families”.

Decks of historic gambling cards.

The subject of the pictures on the cards were historical personalities. Depicting of the heroes of the ancient times (Alexander the Great, Caesar, Carl the Great, etc.) as card kings, antique goddesses and great women (Athena, Jeanne d’Arc, Judith and others.) as queens, outstanding brave men (Hector, Decius, Lancelot, etc.) as jacks – became a tradition almost from the very birth of the cards production in Europe. The artists painted the card characters similar to real life modern monarchs, commanders and their ladyloves of their times (Karl VII, Agnès Sorel etc.). For example, in time of the Great French revolution, the monarchs on the cards were replaced with free-thinkers and tyrant fighters: Voltaire, Hannibal, Horace, La Fontaine, Molière, Rousseau, Saint-Simon. Many cards of great art value were painted by the famous artists and engravers on the order of the high and mighties. So, the cards present a priceless historical material that enables to conduct numerous researches and studies.

Prepaid cards are already sparking a revolution in how transactions are performed today. The future for prepaid cards looks rather promising. Prepaid credit cards are already used widely in America and people from other countries have started to consider them seriously as well. The UK Market is one of the more mature markets.

Prepaid cards allow those without credit or debit cards to enjoy the same benefits that would be available to them with electronic cash. People having low credit worthiness can depend on these credit cards to perform various types of transactions such as making reservations for car rentals, hotels and purchasing items online.

A prepaid card works in exactly the same way as a pay as you go phone; you can top it up with cash at 1000′s of top up locations across the UK such as Payzone, PayPoint, the Post Office, etc using your credit or debit card, using your mobile phone, have your wages paid directly from your employer or transfer money from a bank account to your prepaid card. Some cards can even be topped up directly by paying cash at a bank which is part of the network.

Prepaid credit cards are now being used for Money Transfer, Travel, Gaming, Online Shopping, Payroll and Expense management, Privacy and Gifting.

Prepaid Cards in the Gambling Arena

Despite the fact that consumers are extremely wary of sharing their credit/debit card details online, over 6 million people indulge in online gambling every month. The main reason for their anxiety around credit or debit cards is that their card is linked to their bank account which means fraudsters have potential access to all their funds. Prepaid cards can be an excellent alternative in these circumstances.

As a prepaid credit card, it is not linked to any bank account and a scheme branded (MasterCard or Visa) prepaid card can be used for making purchases on gaming and gambling sites. The usual age and ID checks apply and prepaid cards provide the added advantage that you can only spend up to the value of money loaded onto the card which is excellent in terms of exercising social responsibility too.

This means better control and no overspending even if you want to whilst gambling online. All in all prepaid cards represent an excellent alternative form of payment and control for gamblers online.

No wonder Gamers and Gamblers across the globe are turning to prepaid credit cards

Incorporate the natural beauty of Indo Spanish vintage doors studded with iron nails and old world architectural design of the outdoors, into interiors, seamlessly blending huge teak wood veranda gates and solid carved wood columns with rough timber walls and natural wood ceilings, and arched windows. Enjoy rustic sophistication in the secluded mountains of Utah.

The cozy warmth of a log cabin designed with magnificent cusped arches has a very dramatic feel. The plank floors, an Anglo Indian carved wood railing, peeled patina rustic door cabinets lend a vintage sophistication to the entrance, which leads to the living room in the gorgeous Colorado Ranch Cabin. A tribal Indian Manjoosh or kitchen chest with iron cladded door and carved horse heads is enchanting in its earthy red patina. A Buddha bust sits atop with mala beads in amethyst and Lapiz Lazuli reminding you to take some time out for meditation and self improvement.

Using reclaimed woods and natural distressed handmade furniture we are being environmental conscious, opting for recycled materials through out the Idaho lodge. The holistic renovation retained the original logs and also salvaged dying trees on the farm for posts, the wood floors and panelled walls. Rustic and eclectic vintage trunks studded with iron nails and straps gives the grounding element to the living room removing harmful ions and making the energy positive.

The 5,000-square-foot log house on Long Island, New York, features an antique Indian double door with iron horse shoes and an elaborate header carved with fishes and peacocks. The triple arch veranda encases the bay windows, rustic old world architectural design at its best. The hand loom cotton throws are used to upholster the plush sofas. Printed by hand in vegetable dyes they are totally in sync with Nature and have a minimal carbon footprint. Hand Woven cotton textiles are good for Mother Earth, our climate and are all natural. The bathroom vanity is repurposed from a console that is made from salvaged doors. Reclaimed old woods add to the rustic beauty of the decadent cabin, merging luxury with conscious design.

In this review, we examine some pertinent and extant academic literature on effective adverse selection and moral hazard optimal mitigation strategies. Each mitigation strategy has costs and benefits. Therefore, the objective function is to maximize the net benefit of mitigation strategies. In practice, the optimal risk mitigation strategy equates marginal costs to marginal benefits by minimizing the incidence of adverse effects derivative of decision failures and maximizing the profit producing capacity of the enterprise.

Adverse selection and moral hazard are terms used in risk management, managerial economic and policy sciences to characterize situations where one party to a market transaction is at a disadvantage due to asymmetric information. In market transactions, adverse selection occurs when there is a lack of symmetric information prior to agreements between sellers and buyers, while moral hazard occurs when there is asymmetric information between the two parties and material changes in behavior of one party after agreements have been concluded.

For example, adverse selection arises in any situation in which one party to a contract or negotiation, possesses material information relevant to the contract or negotiation that the other party lacks; this asymmetric material information leads the party lacking relevant and material information to make decisions that cause it to suffer adverse effects. Therefore, adverse selection occurs when one party makes decisions without all the relevant material information, which changes the risks allocation between the parties to the transactions.

When one party has access to better or material relevant information than the other party during a transaction, it is said that one has asymmetric information. Therefore, when a party has asymmetric information, they may make an adverse selection. Adverse selection arises when the actual risk is substantially higher than the risk known at the time the agreement was reached. One party suffers adverse effects by accepting terms or receiving prices that do not accurately reflect actual risk exposure. The consequences of asymmetric information may be exacerbated by bounded rationality and cognitive biases attendant to most competitive use of information. Conversely, moral hazard occurs when a party conceals or misrepresents material relevant information and changes behavior after the agreement is concluded and is shielded from the consequences of the risks emanating from material change in behavior.

Economic and policy sciences suggest the decision makers must not only know, but indeed, understand and anticipate consequences of asymmetric information to mitigate risks of adverse effects attendant to adverse selection and moral hazard. There are classic examples from academia and insurance industry.

Non-selective academic programs attract a disproportionate number of students whose previous academic background and profile make them higher risk for academic success, retention, graduation, and placement. Indeed, this is a classic case of adverse effects derivative of adverse selection and moral hazard.

For example, non-selective admission process combines recruitment and selection which results in adverse selection. And once admitted, refusal to attend classes, refusal to complete assignments, refusal to take notes in classes, critical listening, disruptive and inattentive conduct in classes are instances of post-enrollment moral hazard that make non-selective students a higher risk for retention, graduation and placement. Please note, it is not the change in behavior per se that causes moral hazard in this instance. It is the discounted consequences from changed behavior that gives rise to moral hazard.

There is gathering evidence that some of these non-selective academic programs are increasingly willing to accept higher risks derivative of adverse selection and moral hazard because their operating budget is enrollment driven. Therefore, in the short-run enrollment is a more pressing need than retention, graduation and placement rates. The focus on enrollment is necessary but short-sighted and misguided because in practice, these benchmarks and indices are interrelated, circular and cumulative.

In the insurance industry, insured healthy females in child bearing age and healthy middle-aged females who subsequently seek creative ways to get pregnant present adverse selection and moral hazard problems. Further, insurance applicants whose actual risks are substantially higher than the risks known by the insurance company are potentially interesting case studies. The insurance company suffers adverse effects by offering coverage at premiums that do not accurately reflect its actual risks exposure.

Risks Mitigation Strategies and Some Practical Guidance

Please consult with competent professional for specific advice. The following are general guidelines based on review of extant academic literature, cumulative professional practice and best industry practices. In sum, adverse selection and moral hazard derivative of asymmetric information expose parties to transactions to undue amounts of higher risks for which they are not adequately and appropriately compensated. Therefore, it is essential for parties to take all the steps possible to mitigate risks of adverse effects derivative of asymmetric information and the attendant decision failures.

Managerial economic principles and best industry practices suggest screening and sorting to mitigate adverse selection, and incentive contracts to mitigate moral hazard. Additionally, strategic intelligence systems (SIS) that provide relevant, accurate and timely identification and quantification of risk factors is strongly recommended.

In risk management, the use of aggregate limits of liability and policy riders that proscribe post-contract material unilateral actions, and caps aggregate financial risks to parties is strongly recommended. Further, dispositive disclosure, discovery, monitoring, random inspection, and verification are highly recommended.

Finally, because adverse selection derives from hidden characteristics and profiles and moral hazard derives from hidden actions, the decision systems and strategic intelligence systems must be transparent and provide relevant, accurate and timely information to facilitate decisions based on known probability of risks incidence and allocation between the parties to the transactions with due and appropriate compensation.

When you come across a game of craps, there’s a good chance that it will employ the standard rules. However, variations on craps do exist, and the following are some of the most common:

Simple Craps – In this basic version of the game, the player wins on a roll of 2, 3, 4, 10, 11, and 12. If a 5, 6, 7, 8, or 9 is rolled, the player loses.

High Point Craps – A player wins if they get an 11 or 12 on their first roll. If a 2 or 3 are thrown on the initial roll, the dice are returned to the player for another try. Any number from 4 to 10 can be established as the point, and the player must exceed that total on their next roll.

Crapless Craps – The player can’t lose on the come out roll, but the only automatic winner is the 7. Since the house edge is nearly quadrupled, most experienced players avoid this game.

Die Rich Craps – A single die is used in this version of the game, and the player wins on the come out roll by getting a 6. The pass line bet loses on a 1, and the numbers 2 through 5 establish the point. The player then gets three rolls to make the point, and the payout fluctuates with the number of rolls. Rolling a 1, however, always results in a loss.

Chuck a Luck – Three dice are rolled from a shaker, and players wager on a number from 1 to 6. The bettor wins according to how many times their chosen number comes up on the roll. While it’s closer to sic bo than craps, novice players may confuse the two.

New York Craps – There are several differences in the rules, but the biggest is that Come and Don’t Come wagers aren’t allowed. This variant can be found on the East Coast, as well as certain parts of Europe.

Best Craps Bets

If you want to reduce the casino advantage as low as possible, stick with the following wagers.

Pass Odds- If the come-out roll results in a 4, 5, 6, 8, 9, or 10, the player can take odds by wagering a set multiple of the pass line bet. This new wager wins if the point is made, and it pays at the following odds: 2:1 for a 4 or 10; 3:2 for a 5 or 9; and 6:5 for a 6 or 8.

Don’t Pass Odds – Like the previous wager, except this time the player is betting on a 7 to be rolled after the point has been established. Pays 1:2 against a 4 or 10; 2:3 against a 5 or 9; and 5:6 against a 6 or 8.

Worst Craps Bets

Craps at US casinos provide a lot of fun betting options, but some of them are heavily slanted in favor of the house. If you want to gamble smart, always avoid the following wagers:

Any 7 – Pays 4:1if the shooter rolls a 7. Unfortunately, the house edge is 16.67%.

World – Pays 26:5 if a 2 or 12 are rolled and 11:5 on a 3 or 11. If a 7 comes up, the result is a push. The house edge is 13.33%.

The Art of Dice Control

If you’re playing craps games online, this won’t be an option. For the land-based player, however, dice control is an interesting strategy that’s intended to negate the random nature of the game. The player positions the dice in his hand and tosses them in such a way that they graze the back wall instead of bouncing off.

Casinos frown on dice control, so hours of practice are needed to perfect its execution. Some Gamblingpedia.org experts argue that it’s impossible to determine the outcome of the roll with any consistency, although there are players who claim over 100 throws in a row using this method.