Dutch book
From The Art and Popular Culture Encyclopedia
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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.
Alan Hájek discusses the history of usage of the term and shows that there is no agreement on its etymology. He also provides a useful survey of the literature related to this concept.
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