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2012 | OriginalPaper | Chapter
The Times and the Beginning of an Era
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Oskar Morgenstern and John von Neumann lived at a time when the nascent prevailing formalism in the study of finance had only recently provided an understanding of the meaning of simple financial returns. Once the financial literature appreciated how returns affected individual decision-making, researchers sought to incorporate risk and uncertainty into their models. Inevitably, this would require significant new work in the understanding of uncertainty and probability, and significantly new complexity in financial models.