Bernoulli uses his example to warn gamblers that they will suffer a loss of utility even in a fair game. This depressing result, he points out, is: Nature’s admonition to avoid the dice altogether . . . . [E]veryone who bets any part of his fortune, however small, on a mathematically fair game of chance acts irrationally . . . . [T]he imprudence of a gambler will be the greater the larger part of his fortune which he exposes to a game of chance.
