Use "entropy" and you can never lose a debate, von Neumann told Shannon - because no one really knows what "entropy" is.

The best strategy is one that offers the highest compound return consistent with no risk of going broke.

Your second ducat, like your second million, is never quite as sweet.

Use "entropy" and you can never lose a debate, von Neumann told Shannon - because no one really knows what "entropy" is.

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.

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.”

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