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Compose a 1000 words essay on Against the Gods the Remarkable Story of Risk-Analysis. Needs to be plagiarism free!His main argument is that the study of risk has underlined everything in modern day li
Compose a 1000 words essay on Against the Gods the Remarkable Story of Risk-Analysis. Needs to be plagiarism free!
His main argument is that the study of risk has underlined everything in modern day life from bridge-building to game theory to winemaking.
Bernstein’s book is divided into five-time sections through which the story of risk gets discussed. The five time periods discussed in the book are. 1200, 1200-1700, 1700-1900, and 1900-1960 (Bernstein 6). The first eight chapters of the book discuss the time periods from 1200 to 1900. Through the first eight chapters, the author discusses famous names such as Fibonacci, Cardano, Pacioli, Grant, Petty, Pascal, Chevalier, and Fermat. In ancient Greece, a man believed that the gods were responsible for future actions that determined the course of life (Bernstein 11). However, this all changed when thinkers, merchants, mathematicians, and philosophers observed that the study of simple children’s games could produce great lessons in relation to financial decision making. Through this observation, people observed that they could learn how to control their own fate by evaluating risks and taking steps to prevent it. The pre-1200’s represented a time when people tried to formulate and understand numbers (Bernstein 23). Fibonacci provided the first treatment of risk theory when he wrote a letter discussing the applications of various perspectives of numbers.
The period 1200-1700 represented the outstanding facts era. This era was graced by the contributions of Pacioli, Cardano, and the works of three Frenchmen. Pacioli gets described as the first historian in human history and the first to provide an exhaustive dealing on accounting through his book ‘Summa’ (Bernstein 40). His book provided tables on multiplication operations. As a gambler, Cardano was always interested in developing a cluster of rules for playing gambling games where the outcome of a game could get based on odds. .
