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.
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 simple rule: When faced with a choice of wagers or investments, choose the one with the highest geometric means of outcomes.william poundstone
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