Exposition of a New Theory on the Measurement of Risk (1738) [pdf](psych.fullerton.edu)
psych.fullerton.edu
Exposition of a New Theory on the Measurement of Risk (1738) [pdf]
https://psych.fullerton.edu/mbirnbaum/psych466/articles/bernoulli_econometrica.pdf
8 comments
I have been looking for this paper in a standalone version! Previously I've only come across it as the first chapter of The Kelly Capital Growth Criterion, which is an otherwise also excellent book and recommended reading for anyone for whom this is their thing!
I read the two first or so papers of the book and understood them, but I coulnd't get past because I lack the sufficient probability theory (I'm a functional analyst). Now it's been in my queue for some time but I hope to get to it after finishing the references I'm reading now.
That would be the one. I can till from the caps locked URL.
>the determination of the value of an item must don’t be based on its price, but rather on the utility it yields
(In regards to a poor man with 9k ducats or a 50/50 20k ducat lottery ticket) A bird in hand is worth two in the bush
(In regards to a poor man with 9k ducats or a 50/50 20k ducat lottery ticket) A bird in hand is worth two in the bush
Should date in the parent be (1954)?
Only if the title is also changed to include "Translation".
Fair point. Had missed the footnote on first review.