Before revision: The classic decision-theory problem of evaluating a gamble is treated from a modern perspective using dynamics . Linear and logarithmic utility functions appear not as expressions for the value of money but as mappings that result in ergodic observables for purely additive and purely multiplicative dynamics, the most natural stochastic processes to model wealth.
After revision: The classic decision-theory problem of evaluating a gamble is treated from a modern perspective using dynamics . Linear and logarithmic "utility functions" appear as transformations that generate ergodic observables for purely additive and purely multiplicative dynamics, the most natural stochastic processes to model wealth.