ABSTRACT
If the sure-prospect equivalent is derived from the evidence by a formula, the latter is not a hypothesis but a definition. The hypothesis of the theory is that the individual behaves as if he were adjusting his position to a theoretical term defined in this way. The whole procedure is usually an attempt to get rid of expectations altogether. The evidence is supposed to be given in an objective sense and the individual’s behaviour is derived from it by means of a theory which does not say anything about what happens in his mind.
