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The St. Petersburg Paradox - Marta, Karen (Editor), and Castets, Simon (Editor), and Beckman, Ericka (Text by)
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In the "St. Petersburg gamble," the house offers to flip a coin until it comes up heads. The payoff doubles each time tails appears. By conventional definitions, the St Petersburg gamble has an infinite potential return; nonetheless, most players feel that they should not risk more than a few dollars each time. Explaining why people offer such small sums for something with infinite potential remains contentious in both economics and philosophy. The St. Petersburg Paradox embodies Swiss Institute's longstanding dedication ...

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The St. Petersburg Paradox 2016, Swiss Institute

ISBN-13: 9781942607151

Hardcover