Markets are deeply tied up with puzzles, wagers and games. Ask a hedge fund manager and a blackjack player how much money to put on a bet, and there’s a good chance they’ll both lean on a mathematical ...

Mr. Rohatyn is the chief executive of the Rohatyn Group, an investment company. New York City has had nine mayors in my lifetime (since I was born in 1960), soon to be 10; none, until now, has ...