Bernoulli's real contribution was to coin a word. The word … - William Poundstone

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Bernoulli's real contribution was to coin a word. The word has been translated into English as "utility". It describes this subjective value people place on money.

William Poundstone

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About William Poundstone

William Poundstone is an American author, columnist, and skeptic. He has written a number of books including the Big Secrets series and a biography of Carl Sagan. He is a cousin of comedian Paula Poundstone.

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John Kenneth Galbraith Paul Samuelson Nassim Nicholas Taleb John Maynard Keynes Benoit Mandelbrot

Additional quotes by William Poundstone

A bit is worth 10,000 basis points.

There is a deep connection between Bernoulli's dictum and John Kelly's 1956 publication. It turns out that Kelly's prescription can be restated as this simple rule: When faced with a choice of wagers or investments, choose the one with the highest geometric means of outcomes.

The problem with winning at blackjack and sports betting is that sooner or later a big guy in a suit tells you to leave.

Bernoulli's real contribution was to coin a word. The word has been translated into English as "utility". It describes this subjective value people p… - William Poundstone

About William Poundstone

Additional quotes by William Poundstone