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Bernoulli's hypothesis
(18th century)
Proposed by Swiss mathematician Daniel Bernoulli (1700-1782), Bernoulli's hypothesis suggests added dimensions to the evaluation of risk.
Acceptance of a risk depends not only on the nominal value of what may be lost but also on the intrinsic value, or utility, of it to the person accepting the risk.
Also see: bounded rationality, st petersburg paradox, uncertainty
Source:
K Peterson, The History of Statistics in the 17th and 18th Centuries (New york, 1978)
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