A Swiss mathematician remembered most for his pioneering work in probability and statistics. Bernoulli developed utility theory in 1738, which demonstrated that the utility of money and the state of one’s wealth is more important than its intrinsic value (i.e., a gift of 10 ducats has the same utility to someone with 100 ducats as 20 ducats has to someone with 200 ducats). Kahneman and Tversky adapted utility theory and addressed some of its flaws in creating prospect theory.