Bernoulli

Topics: Utility, Expected value / Pages: 29 (7127 words) / Published: Sep 24th, 2013
Exposition of a New Theory on the Measurement of Risk
Daniel Bernoulli
Econometrica, Vol. 22, No. 1. (Jan., 1954), pp. 23-36.
Stable URL: http://links.jstor.org/sici?sici=0012-9682%28195401%2922%3A1%3C23%3AEOANTO%3E2.0.CO%3B2-X Econometrica is currently published by The Econometric Society.

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Fri Nov 30 17:15:43 2007

EXPOSITION OF A NEW THEORY ON THE MEASUREMENT
OF RISK'
$1. EVER
SINCE mathematicians first began to study the measurement of risk there has been general agreement on the following proposition: Expected values are computed by multiplying each possible gain by the number of ways in which it can occur, and then dividing the sum of these products by the total number of possible cases where, in this theory,

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