Choices Quote by William Poundstone

“Bernoulli observed that most people dislike risk (the chance of receiving the lowest possible outcome), and if they are offered a choice between a…

— Daniel Kahneman

The engine driving the Kelly system is the "law of large numbers." In a 1713 treatise on probability, Swiss mathematician Jakob Bernoulli propounded a…

— William Poundstone

Kelly was aware that there is one type of favorable bet available to everyone; the stock market.

— William Poundstone

“Richard Thaler tells of a discussion about decision making he had with the top managers of the 25 divisions of a large company. He…

— Daniel Kahneman

“Anthony’s current wealth is 1 million. Betty’s current wealth is 4 million. They are both offered a choice between a gamble and a sure…

— Daniel Kahneman

“Over the course of our lives, we make millions and millions of decisions that are essentially bets, some large and some small. It pays…

— Ray Dalio

At best the principles that economists have supposed the choices of rational individuals to satisfy can be presented as guidelines for us to consider…

— John Rawls

“A good decision cannot guarantee a good outcome. All real decisions are made under uncertainty. A decision is therefore a bet, and evaluating it…

— Ward Edwards

“We're kidding ourselves if we think we can opt out of these decisions. Every policy the government adopts, and every individual choice you make,…

— Tim Harford

“It's only gambling if you're wagering something substantial. As opposed to? Information, intelligence, the profits of the mind. Greater things can be exchanged than…

— Rachel Saylor

“The core premise of economic theory is that people choose by optimizing.”

— Richard H. Thaler

“There can’t be anything more fatal to a business than making decisions based on somebody else’s assumptions.”

— Pooja Agnihotri