Saggio Filosofico su i contratti e giochi d’azzaro. Niccola CODRONCHI.
Saggio Filosofico su i contratti e giochi d’azzaro
Saggio Filosofico su i contratti e giochi d’azzaro
[RISK] / [PROBABILITY].
Florence, Cambiagi, 1783.

Saggio Filosofico su i contratti e giochi d’azzaro.

8vo. [21 x 14 cm], (3) ff. 123 pp. Bound in contemporary vellum-backed patterned boards with matching page edges, title gilt label-style on spine. Armorial bookplate of Julian Monaldini on verso of title-page. Boards slightly worn, otherwise a very fresh, genuine copy.

Very rare first and sole edition of this work on the underlying principles of insurance contracts and business ventures, focusing in particular on the psychological, ethical, and mathematical dimensions of gambling and risk-taking. Beginning with the premise that man’s most fundamental urge is to gain wealth, Codronchi discusses the effects of hope on decision-making, as well as the difficulties involved in calculating probabilities.

The second half of the 18th century marked an important turning point in the development of modern insurance and risk-taking. Prior to the creation of the first insurance company—Lloyd’s of London—in 1688, insurance had been a relatively simple business chiefly limited to guarding against the loss of cargo on maritime trade voyages. Five years after Lloyd’s formation, the astronomer Edmund Halley created a basis for underwriting life insurance by combining the statistical laws of mortality with the principle of compound interest, but his table was limited by using the same rate for all ages. This shortcoming was corrected in 1756 by Joseph Dodson, who scaled premiums to age, launching a new era of insurance theory and risk-assessment. It is such refinements, their basis in probability, and their impact on behavior, which the present work explores.

OCLC locates only one copy of this work in U. S. collections, University of Nevada, Las Vegas.

* Kress Italian 512; not in Goldsmith.

Price: $3,850.00

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