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Solving Daniel Bernoulli's St Petersburg Paradox: The Paradox which is not and never was
Vivian, Robert William - Volkswirtschaftliche Fakultät, … - 2003
It has been accepted for over 270 years that the expected monetary value (EMV)of the St Petersburg game is infinite. Accepting this leads to a paradox; no reasonable person is prepared to pay the predicted large sum to play the game but will only pay, comparatively speaking, a very moderate...
Persistent link: https://www.econbiz.de/10005790291
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On Non-binary Personal Preferences in Society, Economic Theory and Racial Discrimination
Naqvi, Nadeem - Volkswirtschaftliche Fakultät, … - 2010
This paper examines some of the consequences for economic theory of the replacement of binary personal preferences by … both much damage to existing theory and greater opportunity for providing formal explanations of such phenomena as … economic theory that is founded on a choice theory that is based exclusively on binary relational personal preferences. …
Persistent link: https://www.econbiz.de/10008529321