What was Jevons's view on gambling? Relate the Friedman-Savage hypothesis (Past as Prologue 13-1) to Jevons's analysis. Friedman and Savage also used their analysis to explain why people with incomes at or near the point where their falling marginal utility of money begins to rise may choose to gamble and buy fairly priced insurance against large income losses. Explain the seeming paradox of gambling and buying insurance at the same time