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Leonard Jimmie Savage
 
 
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"Jimmie Savage" redirects here. For the baseball player, see Jimmie Savage (baseball)
Jimmie Savage (baseball)

James Harold Savage was a Major League Baseball outfielder. He played all or part of three seasons in the majors, between and . He played two games in 1912 for the Philadelphia Phillies, then spent playing regularly for the Pittsburgh Rebels in the Federal League....
.


Leonard Jimmie Savage (20 November 1917 – 1 November 1971) was a US mathematician
Mathematician

A mathematician is a person whose primary area of study and/or research is the field of mathematics....
 and statistician
List of statisticians

Statisticians or people who made notable contributions to the theories of statistics, or related aspects of probability, or machine learning....
.

He graduated from the University of Michigan
University of Michigan

The University of Michigan, Ann Arbor, Michigan is a public university research university located in the state of Michigan. It is the state's oldest university and the flagship campus of the University of Michigan, which also includes two regional campuses in University of Michigan-Flint and University of Michigan-Dearborn....
 and later worked at the Institute for Advanced Study
Institute for Advanced Study

The Institute for Advanced Study, located in Princeton, New Jersey, United States, is a center for theoretical research. The Institute is perhaps best known as the academic home of Albert Einstein, John von Neumann, and Kurt G?del, after their immigration to the United States....
 in Princeton, New Jersey
Princeton, New Jersey

Princeton, New Jersey is located in Mercer County, New Jersey, New Jersey, United States. Princeton University has been sited in the town since 1756....
, the University of Chicago
University of Chicago

The University of Chicago is a private university located principally in the Hyde Park, Chicago neighborhood of Chicago. Although an older university by the same name existed prior to its founding, the modern University of Chicago credits its founding to the oil magnate John D....
, the University of Michigan
University of Michigan

The University of Michigan, Ann Arbor, Michigan is a public university research university located in the state of Michigan. It is the state's oldest university and the flagship campus of the University of Michigan, which also includes two regional campuses in University of Michigan-Flint and University of Michigan-Dearborn....
, Yale University
Yale University

Yale University is a private university in New Haven, Connecticut. Founded in 1701 as the Collegiate School, Yale is the Colonial Colleges institution of higher education in the United States and is a member of the Ivy League....
, and the Statistical Research Group at Columbia University
Columbia University

Columbia University in the City of New York , is a private university in the United States and a member of the Ivy League. Columbia's main campus lies in the Morningside Heights, Manhattan neighborhood in the borough of Manhattan, in New York City....
. Though his thesis advisor was Sumner Myers
Sumner Byron Myers

Sumner Byron Myers was an United States mathematician specialized in topology. He studied at Harvard University under Marston Morse, where he was graduated with a Ph.D....
, he also credited Milton Friedman
Milton Friedman

Milton Friedman was an United States economist, statistician and public intellectual, and a recipient of the Nobel Memorial Prize in Economic Sciences....
 and W. Allen Wallis as statistical mentors.

His most noted work was the 1954 book Foundations of Statistics, in which he put forward a theory of subjective and personal probability
Subjective expected utility

Subjective expected utility is a method in decision theory in the presence of risk, originally put forward by L. J. Savage in 1954 . It combines two distinct subjective concepts: a personal utility function and a personal probability analysis based on Bayesian probability theory....
 and statistics which forms one of the strands underlying Bayesian statistics and has applications to game theory
Game theory

Game theory is a branch of applied mathematics that is used in the social sciences , biology, engineering, political science, international relations, computer science , and philosophy....
.

During World War II, Savage served as chief "statistical" assistant to John von Neumann
John von Neumann

John von Neumann was a Hungarian American mathematician who made major contributions to a vast range of fields, including set theory, functional analysis, quantum mechanics, ergodic theory, continuous geometry, economics and game theory, computer science, numerical analysis, hydrodynamics , and statistics, as well as many other mathematical...
, the mathematician credited with building the first electronic computer.

One of Savage's indirect contributions was his discovery of the work of Louis Bachelier
Louis Bachelier

Louis Jean-Baptiste Alphonse Bachelier was a French mathematician at the turn of the 20th century. He is credited with being the first person to model Brownian motion, which was part of his PhD thesis The Theory of Speculation, ....
 on stochastic models for asset prices and the mathematical theory of option pricing.






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Encyclopedia


"Jimmie Savage" redirects here. For the baseball player, see Jimmie Savage (baseball)
Jimmie Savage (baseball)

James Harold Savage was a Major League Baseball outfielder. He played all or part of three seasons in the majors, between and . He played two games in 1912 for the Philadelphia Phillies, then spent playing regularly for the Pittsburgh Rebels in the Federal League....
.


Leonard Jimmie Savage (20 November 1917 – 1 November 1971) was a US mathematician
Mathematician

A mathematician is a person whose primary area of study and/or research is the field of mathematics....
 and statistician
List of statisticians

Statisticians or people who made notable contributions to the theories of statistics, or related aspects of probability, or machine learning....
.

He graduated from the University of Michigan
University of Michigan

The University of Michigan, Ann Arbor, Michigan is a public university research university located in the state of Michigan. It is the state's oldest university and the flagship campus of the University of Michigan, which also includes two regional campuses in University of Michigan-Flint and University of Michigan-Dearborn....
 and later worked at the Institute for Advanced Study
Institute for Advanced Study

The Institute for Advanced Study, located in Princeton, New Jersey, United States, is a center for theoretical research. The Institute is perhaps best known as the academic home of Albert Einstein, John von Neumann, and Kurt G?del, after their immigration to the United States....
 in Princeton, New Jersey
Princeton, New Jersey

Princeton, New Jersey is located in Mercer County, New Jersey, New Jersey, United States. Princeton University has been sited in the town since 1756....
, the University of Chicago
University of Chicago

The University of Chicago is a private university located principally in the Hyde Park, Chicago neighborhood of Chicago. Although an older university by the same name existed prior to its founding, the modern University of Chicago credits its founding to the oil magnate John D....
, the University of Michigan
University of Michigan

The University of Michigan, Ann Arbor, Michigan is a public university research university located in the state of Michigan. It is the state's oldest university and the flagship campus of the University of Michigan, which also includes two regional campuses in University of Michigan-Flint and University of Michigan-Dearborn....
, Yale University
Yale University

Yale University is a private university in New Haven, Connecticut. Founded in 1701 as the Collegiate School, Yale is the Colonial Colleges institution of higher education in the United States and is a member of the Ivy League....
, and the Statistical Research Group at Columbia University
Columbia University

Columbia University in the City of New York , is a private university in the United States and a member of the Ivy League. Columbia's main campus lies in the Morningside Heights, Manhattan neighborhood in the borough of Manhattan, in New York City....
. Though his thesis advisor was Sumner Myers
Sumner Byron Myers

Sumner Byron Myers was an United States mathematician specialized in topology. He studied at Harvard University under Marston Morse, where he was graduated with a Ph.D....
, he also credited Milton Friedman
Milton Friedman

Milton Friedman was an United States economist, statistician and public intellectual, and a recipient of the Nobel Memorial Prize in Economic Sciences....
 and W. Allen Wallis as statistical mentors.

His most noted work was the 1954 book Foundations of Statistics, in which he put forward a theory of subjective and personal probability
Subjective expected utility

Subjective expected utility is a method in decision theory in the presence of risk, originally put forward by L. J. Savage in 1954 . It combines two distinct subjective concepts: a personal utility function and a personal probability analysis based on Bayesian probability theory....
 and statistics which forms one of the strands underlying Bayesian statistics and has applications to game theory
Game theory

Game theory is a branch of applied mathematics that is used in the social sciences , biology, engineering, political science, international relations, computer science , and philosophy....
.

During World War II, Savage served as chief "statistical" assistant to John von Neumann
John von Neumann

John von Neumann was a Hungarian American mathematician who made major contributions to a vast range of fields, including set theory, functional analysis, quantum mechanics, ergodic theory, continuous geometry, economics and game theory, computer science, numerical analysis, hydrodynamics , and statistics, as well as many other mathematical...
, the mathematician credited with building the first electronic computer.

One of Savage's indirect contributions was his discovery of the work of Louis Bachelier
Louis Bachelier

Louis Jean-Baptiste Alphonse Bachelier was a French mathematician at the turn of the 20th century. He is credited with being the first person to model Brownian motion, which was part of his PhD thesis The Theory of Speculation, ....
 on stochastic models for asset prices and the mathematical theory of option pricing. Savage brought the work of Bachelier to the attention of Paul Samuelson
Paul Samuelson

Paul Anthony Samuelson is an United States neoclassical economist economist known for his contributions to many fields of economics, beginning with his general statement of the comparative statics method in his 1947 book Foundations of Economic Analysis....
. It was from Samuelson's subsequent writing that "random walk" (and subsequently Brownian motion) became fundamental to mathematical finance
Mathematical finance

Mathematical finance is the branch of applied mathematics concerned with the financial markets.The subject has a close relationship with the discipline of financial economics, which is concerned with much of the underlying theory....
.

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

Decision theory in mathematics and statistics is concerned with identifying the values, uncertainty and other issues relevant in a given decision making and the resulting optimal decision....
.

The Hewitt–Savage zero-one law is (in part) named after him.

See also

  • Loss function
    Loss function

    In statistics, decision theory and economics, a loss function is a function that maps an event onto a real number representing the economic cost or regret associated with the event....
  • Friedman-Savage utility function
    Friedman-Savage utility function

    The Friedman-Savage utility function is the theory that Milton Friedman and Leonard J. Savage put forth in their 1948 paper , which argued that the curvature of an individual's utility function differs based upon the amount of wealth the individual has....


External links