The time resolution of the St Petersburg paradox

A resolution of the St Petersburg paradox is presented. In contrast to the standard resolution, utility is not required. Instead, the time-average performance of the lottery is computed. The final result can be phrased mathematically identically to Daniel Bernoulli's resolution, which uses loga...

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Detalles Bibliográficos
Autor principal: Peters, Ole
Formato: Online Artículo Texto
Lenguaje:English
Publicado: The Royal Society Publishing 2011
Materias:
Articles
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3270388/
https://www.ncbi.nlm.nih.gov/pubmed/22042904
http://dx.doi.org/10.1098/rsta.2011.0065
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author Peters, Ole
author_facet Peters, Ole
author_sort Peters, Ole
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description A resolution of the St Petersburg paradox is presented. In contrast to the standard resolution, utility is not required. Instead, the time-average performance of the lottery is computed. The final result can be phrased mathematically identically to Daniel Bernoulli's resolution, which uses logarithmic utility, but is derived using a conceptually different argument. The advantage of the time resolution is the elimination of arbitrary utility functions.
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spelling pubmed-32703882012-02-02 The time resolution of the St Petersburg paradox Peters, Ole Philos Trans A Math Phys Eng Sci Articles A resolution of the St Petersburg paradox is presented. In contrast to the standard resolution, utility is not required. Instead, the time-average performance of the lottery is computed. The final result can be phrased mathematically identically to Daniel Bernoulli's resolution, which uses logarithmic utility, but is derived using a conceptually different argument. The advantage of the time resolution is the elimination of arbitrary utility functions. The Royal Society Publishing 2011-12-13 /pmc/articles/PMC3270388/ /pubmed/22042904 http://dx.doi.org/10.1098/rsta.2011.0065 Text en This journal is © 2011 The Royal Society http://creativecommons.org/licenses/by/3.0/ This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
spellingShingle Articles
Peters, Ole
The time resolution of the St Petersburg paradox
title The time resolution of the St Petersburg paradox
title_full The time resolution of the St Petersburg paradox
title_fullStr The time resolution of the St Petersburg paradox
title_full_unstemmed The time resolution of the St Petersburg paradox
title_short The time resolution of the St Petersburg paradox
title_sort time resolution of the st petersburg paradox
topic Articles
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3270388/
https://www.ncbi.nlm.nih.gov/pubmed/22042904
http://dx.doi.org/10.1098/rsta.2011.0065
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