Coins Quote by William Poundstone

“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.” quote by William Poundstone — Download Open image

“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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Coins Contribution Has beens Money People Real Subjective Utility Value People Values

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Samuelson spotted a mistake in Bacheliers work. Bachelier's model had failed to consider that stock prices cannot fall below zero.

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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…

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“In view of this, it may seem remarkable that anything as complex as a text of Hamlet exists. The observation that Hamlet was written by Shakespeare and not some random agency only transfers the problem. Shakespeare, like everything else in the world, must have arisen (ultimately) from a homogeneous early universe. Any way you look at it, Hamlet is a…

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Expectation is a statistical fiction, like having 2.5 children.

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“In 1894 Alexander Graham Bell’s telephone patents expired. Within a few years, over 6,000 local telephone companies were competing for the U.S. market.”

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Paradox is thus a much deeper and universal concept than the ancients would have dreamed. Rather than an oddity, it is a mainstay of…

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There were many at Bell Labs and MIT who compared Shannon's insight to Einstein's. Others found that comparison unfair - unfair to Shannon.

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A bit is worth 10,000 basis points.

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Carl Friedrich Gauss, often rated the greatest mathematician of all time, played the market. On a salary of 1,000 thalers a year, Euler left…

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The more improbable the message, the less "compressible" it is, and the more bandwidth it requires. This is Shannon's point: the essence is its…

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“The stumbling block isn't the certainty effect per se. It's the way that smart people are influenced by mere words, by the way the…

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The ultimate compound return rate is acutely sensitive to fat tails.

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Explore all 33 William Poundstone quotes

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Money doesn't spend in hell… The devil deals in a different coin.

Laurell K. Hamilton

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Money is made at Christmas out of holly and mistletoe, but who save the vendors would greatly care if no green branch were procurable? One symbol, indeed, has obscured all others-the minted round of metal. And one may safely say that, of all the ages since a coin first became the symbol of power, ours is that in which it…

George Gissing