The Expected utility hypothesis was initiated by which Swiss mathematician in 1738?
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Expected utility hypothesis In economics, game theory, and decision theory the expected utility hypothesis, concerning people's preferences with regard to choices that have uncertain outcomes (gambles), states that if specific axioms are satisfied, the subjective value associated with an individual's gamble is the statistical expectation of that individual's valuations of the outcomes of that gamble. Initiated by Daniel Bernoulli in 1738, this hypothesis has proved useful to explain some popular choices that seem to contradict the expected value criterion (which takes into account only the sizes of the payouts and the probabilities of occurrence), such as occur in the contexts of gambling and insurance. Until the mid-twentieth century, the standard term for the expected utility was the moral expectation, contrasted with "mathematical expectation" for the expected value.
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Daniel Bernoulli Daniel Bernoulli FRS ( ; ] ; 8 February 1700 – 17 March 1782) was a Swiss mathematician and physicist and was one of the many prominent mathematicians in the Bernoulli family. He is particularly remembered for his applications of mathematics to mechanics, especially fluid mechanics, and for his pioneering work in probability and statistics. His name is commemorated in the Bernoulli's principle, a particular example of the conservation of energy, which describes the mathematics of the mechanism underlying the operation of two important technologies of the 20th century: the carburetor and the airplane wing.
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Émile Borel Félix Édouard Justin Émile Borel (] ; 7 January 1871 – 3 February 1956) was a French mathematician and politician. As a mathematician, he was known for his founding work in the areas of measure theory and probability.
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P-adic quantum mechanics "p"-adic quantum mechanics is a relatively recent approach to understanding the nature of fundamental physics. It is the application of p-adic analysis to quantum mechanics. The p-adic numbers are a counterintuitive arithmetic system that was discovered by the German mathematician Kurt Hensel in about 1899. The closely related adeles and ideles were introduced in the 1930s by Claude Chevalley and André Weil. Their study has now transformed into a major branch of mathematics. They were occasionally applied to the physical sciences, but it wasn't until a publication by the Russian mathematician Igor Volovich in 1987 that the subject was taken seriously. There are now hundreds of research articles on the subject, along with international journals as well.
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Pierre de Fermat Pierre de Fermat (] ; (Between 31 October and 6 December 1607 – 12 January 1665) was a French lawyer at the "Parlement" of Toulouse, France, and a mathematician who is given credit for early developments that led to infinitesimal calculus, including his technique of adequality. In particular, he is recognized for his discovery of an original method of finding the greatest and the smallest ordinates of curved lines, which is analogous to that of differential calculus, then unknown, and his research into number theory. He made notable contributions to analytic geometry, probability, and optics. He is best known for his Fermat's principle for light propagation and his Fermat's Last Theorem in number theory, which he described in a note at the margin of a copy of Diophantus' "Arithmetica".
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Carl Friedrich Gauss Johann Carl Friedrich Gauss ( ; German: "Gauß" , ] ; Latin: "Carolus Fridericus Gauss" ) (30 April 177723 February 1855) was a German mathematician who contributed significantly to many fields, including number theory, algebra, statistics, analysis, differential geometry, geodesy, geophysics, mechanics, electrostatics, magnetic fields, astronomy, matrix theory, and optics.
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Leontief utilities In economics and consumer theory, a Leontief utility function is a function of the form:
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Ludwig Stickelberger Ludwig Stickelberger (May 18, 1850 – April 11, 1936) was a Swiss mathematician who made important contributions to linear algebra (theory of elementary divisors) and algebraic number theory (Stickelberger relation in the theory of cyclotomic fields).
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Jens Kraft Jens Kraft (1720–1756) was a Danish mathematician and philosopher of Norwegian birth. He was born in Frederikshald in Norway, but at age 5 he became an orphan and was subsequently raised by his uncle in Thy in Jutland. As a philosopher he introduced the study of ontology to Scandinavian academic circles.
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Henri Fehr Henri Fehr (Zurich, 2 February 1870 – 1954) was a Swiss mathematician. He was the founder of the Foundation for the Advancement of Mathematical Sciences, of the journal "Commentarii Mathematici Helvetici" and of the journal "L'Enseignement Mathématique" along with Charles-Ange Laisant. Fehr's interests in mathematics were scientific and social as is demonstrated by his involvement in academic life, committees for the improvement of mathematical instruction, education of teachers and internationalization of mathematics.
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Bernoulli trial In the theory of probability and statistics, a Bernoulli trial (or binomial trial) is a random experiment with exactly two possible outcomes, "success" and "failure", in which the probability of success is the same every time the experiment is conducted. It is named after Jacob Bernoulli, a 17th century Swiss mathematician.
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Willem 's Gravesande Willem Jacob 's Gravesande (26 September 1688 – 28 February 1742) was a Dutch mathematician and natural philosopher, chiefly remembered for developing experimental demonstrations of the laws of classical mechanics. As professor of mathematics, astronomy, and philosophy at Leiden University, he helped to propagate Isaac Newton's ideas in Continental Europe.
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Auguste Forel Auguste-Henri Forel (1 September 1848 – 27 July 1931) was a Swiss myrmecologist, neuroanatomist, psychiatrist and eugenicist, notable for his investigations into the structure of the human brain and that of ants. For example, he is considered a co-founder of the neuron theory. Forel is also known for his early contributions to sexology and psychology. From 1978 until 2000 Forel’s image appeared on the 1000 Swiss franc banknote.
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Marcel Grossmann Marcel Grossmann (Hungarian: "Grossmann Marcell" , April 9, 1878 – September 7, 1936) was a mathematician and a friend and classmate of Albert Einstein. Grossmann was a member of an old Swiss family from Zurich. His father managed a textile factory. He became a Professor of Mathematics at the Federal Polytechnic School in Zurich, today the ETH Zurich, specializing in descriptive geometry.
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Contributions of Leonhard Euler to mathematics The 18th-century Swiss mathematician Leonhard Euler (1707–1783) is among the most prolific and successful mathematicians in the history of the field. His seminal work had a profound impact in numerous areas of mathematics and he is widely credited for introducing and popularizing modern notation and terminology.
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Dietrich Mahnke Dietrich Mahnke (October 17, 1884, Verden – July 25, 1939, Fürth) was a German philosopher and historian of mathematics.
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Ernst Engel Ernst Engel (March 26, 1821 – December 8, 1896) was a German statistician and economist, famous for the Engel curve and the Engel's law.
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Gerhard Frey Gerhard Frey (] ; born 1944) is a German mathematician, known for his work in number theory. His Frey curve, a construction of an elliptic curve from a purported solution to the Fermat equation, was central to Wiles' proof of Fermat's Last Theorem.
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L'Hôpital's rule In mathematics, and more specifically in calculus, L'Hôpital's rule or L'Hospital's rule (] ) uses derivatives to help evaluate limits involving indeterminate forms. Application (or repeated application) of the rule often converts an indeterminate form to an expression that can be evaluated by substitution, allowing easier evaluation of the limit. The rule is named after the 17th-century French mathematician Guillaume de l'Hôpital. Although the contribution of the rule is often attributed to L'Hôpital, the theorem was first introduced to L'Hôpital in 1694 by the Swiss mathematician Johann Bernoulli.
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Aurel Stodola Aurel Boleslav Stodola (10 May 1859 – 25 December 1942) was a Slovak engineer, physicist, and inventor. He was a pioneer in the area of technical thermodynamics and its applications and published his book "Die Dampfturbine" (the steam turbine) in 1903. In addition to the thermodynamic issues involved in turbine design the book discussed aspects of fluid flow, vibration, stress analysis of plates, shells and rotating discs and stress concentrations at holes and fillets. Stodola was a professor of mechanical engineering at the Swiss Polytechnical Institute (now ETH) in Zurich. One of his students was Albert Einstein. In 1892, Stodola founded the Laboratory for Energy Conversion.
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Johann Heinrich Lambert Johann Heinrich Lambert (] , "Jean-Henri Lambert" in French; 26 August 1728 – 25 September 1777) was a Swiss polymath who made important contributions to the subjects of mathematics, physics (particularly optics), philosophy, astronomy and map projections.
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Auguste Comte Isidore Marie Auguste François Xavier Comte (] ; 19 January 1798 – 5 September 1857) was a French philosopher who founded the discipline of praxeology and the doctrine of positivism. He is sometimes regarded as the first philosopher of science in the modern sense of the term.