Risk Benefit Analysis
The Expected Return Criterion
A mathematical necessity for the casino and life insurance industries
A heuristic for almost everyone else
Declining Marginal Utility: A partial explanation and a Useful Heuristic
Possibility of Ruin refutes the "log run" argument
The Certainty Effect The Certainty Effect: comments
The Framing Heuristic
Time and Chance
Life is uncertain: Eat dessert first!
Risk Adjusted Financial Discount Rate versus Von Neuman-Morgenstern Utility
"The race is not to the swift or the battle
to the strong,
nor does food come to the wise or wealth to the brilliant or favor
to the learned;
but time and chance happen to them all."
"There has never been a horse that couldn't be rode
there's never been a cowboy that couldn't be thrown
I don't care how big your ranch is
you pays your money and you takes your chances."