Define the riskiness of a gamble as the reciprocal of the absolute risk aversion (ARA) of an individual with constant ARA who is indifferent between taking and not taking that gamble. We characterize this index by axioms, chief among them a "duality" axiom that, roughly speaking, asserts that...

THE FIRST SYMPOSIUM QUESTION IS, “IS THERE AN IMPORTANT distinction between information and knowledge?†Of course, it depends on what is meant by these terms. An advantage (disadvantage?) of formal reasoning is that there, that kind of question does not arise. You must first define...