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Leonard Jimmie Savage (20 November 1917 – 1 November 1971) was a US mathematician and statistician.
He was graduated from the University of Michigan and later worked at the Institute for Advanced Study in Princeton, New Jersey, the University of Chicago, and the Statistical Research Group at Columbia University. Though his thesis advisor was Sumner Myers, he also credited Milton Friedman and W. Allen Wallis as his 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 and statistics which forms one of the strands underlying Bayesian statistics and has applications to game theory.
One of Savage's indirect contributions was his discovery of the work of Bachelier 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. It was from Samuelson's subsequent writing that random walk (and subsequently Brownian motion) became fundamental to mathematical finance.
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1917 births | 1971 deaths | 20th century mathematicians | American statisticians | University of Michigan alumni | Princeton University faculty | University of Chicago faculty | Columbia University faculty
"Leonard Jimmie Savage"