ABSTRACT
The hypotheses considered in the previous chapter had one feature in common. In all of them, the individual was supposed to adjust his position to something that he knew for certain. In the case of a sure prospect by definition the parameter to which he was adjusting himself was a definite outcome, one outcome only, with a full weight attached to it. In the hypothesis of the mean value the parameter was that mean value. In either case, the fact that the future was not known did not play any part in the adjustments. The individual might not know what would be the actual outcome from his strategy, and he might consider several outcomes in his original prospect; but he was supposed to adjust his position to a prospect arrived at by means of a formula as if it were a sure prospect.
