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Exposition of a New Theory on the Measurement of Risk
Abstract
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, the consideration of cases which are all of the same probability is insisted upon. If this rule be accepted, what remains to be done within the framework of this theory amounts to the enumeration of all alternatives, their breakdown into equi-probable cases and, finally, their insertion into corresponding classifications…
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Citations
Cited by
A perspective on judgment and choice: mapping bounded rationality.
Kahneman, D. (2003) · American Psychologist · doi:10.1037/0003-066x.58.9.697 · Cited by 5,540
Maps of Bounded Rationality: Psychology for Behavioral Economics
Kahneman, D. (2003) · American Economic Review · doi:10.1257/000282803322655392 · Cited by 5,377
Making a good decision: Value from fit.
Higgins, E. T. (2000) · American Psychologist · doi:10.1037/0003-066x.55.11.1217 · Cited by 2,053
Behavioral Theories and the Neurophysiology of Reward
Schultz, W. (2006) · Annual Review of Psychology · doi:10.1146/annurev.psych.56.091103.070229 · Cited by 1,637
Neuronal Reward and Decision Signals: From Theories to Data
Schultz, W. (2015) · Physiological Reviews · doi:10.1152/physrev.00023.2014 · Cited by 1,126
Metadata
- Authors
- Bernoulli, D.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1954-01
- Volume
- 22
- Issue
- 1
- Pages
- 23
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W2602737734
- Cited by
- 2,736
- References
- 0
- FWCI
- 1.06
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Exposition of a New Theory on the Measurement of Risk. https://app.cochat.ai/papers/10.2307/1909829
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- Bernoulli, D. (1954). Exposition of a New Theory on the Measurement of Risk. Econometrica. https://doi.org/10.2307/1909829
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
