[PAR] [TLE] Daniel Bernoulli [SEP] 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. [PAR] [TLE] Expected utility hypothesis [SEP] 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.
[PAR] [TLE] Daniel Bernoulli [ SEP ] 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 . [PAR] [TLE] Expected utility hypothesis [ SEP ] 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 .
The Expected utility hypothesis was initiated by which Swiss mathematician in 1738?
The Expected utility hypothesis was initiated by which Swiss mathematician in 1738 ?
Daniel Bernoulli
Daniel Bernoulli