3 ms·
The earliest usage of the idea of "log utility of wealth" I'm aware of is in Daniel Bernoulli's work on the St. Petersburg lottery [0], but it pops up all over
by trylfthsk 5y ago
The earliest usage of the idea of "log utility of wealth" I'm aware of is in Daniel Bernoulli's work on the St. Petersburg lottery [0], but it pops up all over mathematical finance stuff.
[0] https://plato.stanford.edu/entries/paradox-stpetersburg/ https://plato.stanford.edu/entries/paradox-stpetersburg/