People tend to be clueless about prices. Contrary to economic theory, we don't really decide between A and B by consulting our invisible price tags and purchasing the one that yields the higher utility, he says. We make do with guesstimates and a vague recollection of what things are “supposed to cost.”

Expectation is a statistical fiction, like having 2.5 children.

Kelly was aware that there is one type of favorable bet available to everyone; the stock market.

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.

Samuelson spotted a mistake in Bacheliers work. Bachelier's model had failed to consider that stock prices cannot fall below zero.

The assumption that anything true is knowable is the grandfather of paradoxes.

The best paradoxes raise questions about what kinds of contradictions can occur-what species of impossibilities are possible.