1917 – 1971
Leonard J. Savage (1917-1971) was an American mathematician and statistician whose work laid the foundations of Bayesian decision theory and subjective probability. His 1954 book 'The Foundations of Statistics' established the axiomatic basis for expected utility theory under uncertainty, profoundly influencing economics, philosophy of science, and rational choice theory.
Authored 'The Foundations of Statistics' (1954), establishing subjective expected utility theory
Developed the Savage axioms for rational decision-making under uncertainty
Introduced the concept of the 'sure-thing principle' in decision theory
Pioneered Bayesian approaches to statistical inference
Collaborated with Milton Friedman on the Friedman-Savage utility function