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Erschienen in:
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2017 | OriginalPaper | Buchkapitel

8. Practical Mathematics: The Development of Probability Theory

verfasst von : Timothy Johnson

Erschienen in: Ethics in Quantitative Finance

Verlag: Springer International Publishing

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Abstract

Some developments in mathematics during the eighteenth century are summarised.
The canonical genesis of mathematical probability is described. This is followed by the contributions of Huygens and Bernoulli, highlighting the affinity between early probability and ethics. The work of de Moivre and Montmort is discussed.
The emergence of actuarial science in the Scottish Ministers’ Widows’ Fund is described. This is followed by an explanation of the Petersburg Game and the introduction of the concept of ‘utility’, emphasising that utility is not required to explain the Game’s ‘paradox’. The reason why utility came to dominate economic rationality is discussed in relation to the delegitimisation of uncertain gambling in contrast to the legitimisation of rational insurance.

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Vorheriges Kapitel The Enlightenment and l’homme éclair
Nächstes Kapitel The Emergence of Homo economicus in the Nineteenth Century
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Metadaten
Titel
Practical Mathematics: The Development of Probability Theory
verfasst von
Timothy Johnson
Copyright-Jahr
2017
Buch
Ethics in Quantitative Finance

Print ISBN: 978-3-319-61038-2

Electronic ISBN: 978-3-319-61039-9

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-61039-9_8