The time resolution of the St Petersburg paradox-Reference-Cited by-同舟云学术

The time resolution of the St Petersburg paradox

Published:2011-12-13 Issue:1956 Volume:369 Page:4913-4931
ISSN:1364-503X
Container-title:Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences
language:en
Short-container-title:Phil. Trans. R. Soc. A.

Author:

Peters Ole¹²³

Affiliation:

1. Department of Mathematics and Grantham Institute for Climate Change, Imperial College London, London SW7 2AZ, UK

2. Department of Atmospheric and Oceanic Sciences, University of California, Los Angeles, 7127 Math Science Building, 405 Hilgard Avenue, Los Angeles, CA 90095-1565, USA

3. Santa Fe Institute, 1399 Hyde Park Road, Santa Fe, NM 87501, USA

Abstract

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.

Publisher

The Royal Society

Subject

General Physics and Astronomy,General Engineering,General Mathematics

Link

https://royalsocietypublishing.org/doi/pdf/10.1098/rsta.2011.0065

Reference31 articles.

1. Exposition of a New Theory on the Measurement of Risk

2. Das Unsicherheitsmoment in der Wertlehre

3. Cardano

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