# Leonard Jimmie Savage

**Leonard SavageLeonard J. SavageSavageL. J. SavageL.J. SavageSavage, Leonard JimmieJimmie SavageSavage, L. J.**

Leonard Jimmie Savage (born Leonard Ogashevitz; 20 November 1917 – 1 November 1971) was an American mathematician and statistician.wikipedia

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### Milton Friedman

**FriedmanFriedman, MiltonMilton**

Economist Milton Friedman said Savage was "one of the few people I have met whom I would unhesitatingly call a genius."

His argument was part of an ongoing debate among such statisticians as Jerzy Neyman, Leonard Savage, and Ronald Fisher.

### Subjective expected utility

**Leonard Savagesubjective and personal probabilitysubjective expected utility theory**

His most noted work was the 1954 book The Foundations of Statistics, in which he put forward a theory of subjective and personal probability and statistics which forms one of the strands underlying Bayesian statistics and has applications to game theory.

Characterizing the behavior of decision-makers as using subjective expected utility was promoted and axiomatized by L. J. Savage in 1954 following previous work by Ramsey and von Neumann.

### List of statisticians

**Statisticiansstatistician**

Leonard Jimmie Savage (born Leonard Ogashevitz; 20 November 1917 – 1 November 1971) was an American mathematician and statistician.

### Macy conferences

**Macy conference**

Later he was one the participants to the Macy conferences on cybernetics.

Harold Alexander Abramson, Ackerman, Vahe E. Amassian, William Ross Ashby, Yehoshua Bar-Hillel, Gregory Bateson, Alex Bavelas, Julian H. Bigelow, Herbert G. Birch, John R. Bowman, Henry W. Brosin, Yuen Ren Chao (who memorably recited the Lion-Eating Poet in the Stone Den), Jan Droogleever-Fortuyn, M. Ericsson, Fitch, Lawrence K. Frank, Ralph Waldo Gerard, William Grey Walter, Molly Harrower, George Evelyn Hutchinson, Heinrich Klüver, Lawrence S. Kubie, Paul Lazarsfeld, Kurt Lewin, J. C. R. Licklider, Howard S. Liddell, Donald B. Lindsley, W. K. Livingston, David Lloyd, Rafael Lorente de Nó, R. Duncan Luce, Donald M. MacKay, Donald G. Marquis, Warren S. McCulloch, Turner McLardy, Margaret Mead, Frederick A. Mettier, Marcel Monnier, Oskar Morgenstern, F. S. C. Northrop, Walter Pitts, Henry Quastler, Antoine Remond, I. A. Richards, David McKenzie Rioch, Arturo Rosenblueth, Leonard J. Savage, T. C. Schneirla, Claude Shannon, John Stroud, Hans-Lukas Teuber, Mottram Torre, Gerhardt von Bonin, Heinz von Foerster, John von Neumann, Heinz Werner, Norbert Wiener, Jerome B. Wiesner, J. Z. Young.

### Sumner Byron Myers

**Sumner MyersMyersMyers, Sumner Byron**

Though his thesis advisor was Sumner Myers, he also credited Milton Friedman and W. Allen Wallis as statistical mentors.

### Louis Bachelier

**BachelierBachelier, Louis Jean-Baptiste Alphonse**

One of Savage's indirect contributions was his discovery of the work of Louis Bachelier on stochastic models for asset prices and the mathematical theory of option pricing.

Although Bachelier's work on random walks predated Einstein's celebrated study of Brownian motion by five years, the pioneering nature of his work was recognized only after several decades, first by Andrey Kolmogorov who pointed out his work to Paul Lévy, then by Leonard Jimmie Savage who translated Bachelier's thesis to English and brought the work of Bachelier to the attention of Paul Samuelson.

### Loss function

**objective functioncost functionrisk function**

Leonard J. Savage argued that using non-Bayesian methods such as minimax, the loss function should be based on the idea of regret, i.e., the loss associated with a decision should be the difference between the consequences of the best decision that could have been made had the underlying circumstances been known and the decision that was in fact taken before they were known.

### Hewitt–Savage zero–one law

The Hewitt–Savage zero–one law is (in part) named after him, as is the Friedman–Savage utility function.

It is named after Edwin Hewitt and Leonard Jimmie Savage.

### Friedman–Savage utility function

The Hewitt–Savage zero–one law is (in part) named after him, as is the Friedman–Savage utility function.

The Friedman–Savage utility function is the utility function postulated in the theory that Milton Friedman and Leonard J. Savage put forth in their 1948 paper.

### Regret (decision theory)

**minimax regretregretregret theory**

In 1951 he introduced the minimax regret criterion used in decision theory.

### Decision theory

**decision sciencestatistical decision theorydecision sciences**

In 1951 he introduced the minimax regret criterion used in decision theory.

The revival of subjective probability theory, from the work of Frank Ramsey, Bruno de Finetti, Leonard Savage and others, extended the scope of expected utility theory to situations where subjective probabilities can be used.

### Don Berry (statistician)

**Don BerryBerry, DonDonald A. Berry**

### Morris H. DeGroot

**DeGroot, Morris H.M. H. DeGroot**

### Mathematician

**mathematiciansapplied mathematicianMathematics**

Leonard Jimmie Savage (born Leonard Ogashevitz; 20 November 1917 – 1 November 1971) was an American mathematician and statistician.

### University of Michigan

**MichiganUniversity of Michigan, Ann ArborUniversity of Michigan at Ann Arbor**

He graduated from the University of Michigan and later worked at the Institute for Advanced Study in Princeton, New Jersey, the University of Chicago, the University of Michigan, Yale University, and the Statistical Research Group at Columbia University.

### Institute for Advanced Study

**Institute for Advanced StudiesInstitute for Advanced Study, PrincetonIAS**

He graduated from the University of Michigan and later worked at the Institute for Advanced Study in Princeton, New Jersey, the University of Chicago, the University of Michigan, Yale University, and the Statistical Research Group at Columbia University.

### Princeton, New Jersey

**PrincetonPrinceton, NJPrinceton, N.J.**

He graduated from the University of Michigan and later worked at the Institute for Advanced Study in Princeton, New Jersey, the University of Chicago, the University of Michigan, Yale University, and the Statistical Research Group at Columbia University.

### University of Chicago

**The University of ChicagoChicagoChicago University**

### Yale University

**YaleYale CollegeUniversity of Yale**

### Applied Mathematics Panel

**Statistical Research Group**

### Columbia University

**ColumbiaColumbia CollegeUniversity of Columbia**

### W. Allen Wallis

**Wallis, W. AllenWilson Allen Wallis**

Though his thesis advisor was Sumner Myers, he also credited Milton Friedman and W. Allen Wallis as statistical mentors.

### Bayesian statistics

**BayesianBayesian methodsBayesian analysis**

His most noted work was the 1954 book The Foundations of Statistics, in which he put forward a theory of subjective and personal probability and statistics which forms one of the strands underlying Bayesian statistics and has applications to game theory.

### Game theory

**gamegame theoristgame theoretic**

His most noted work was the 1954 book The Foundations of Statistics, in which he put forward a theory of subjective and personal probability and statistics which forms one of the strands underlying Bayesian statistics and has applications to game theory.