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dc.contributor.authorSeidl, Christianen_US
dc.date.accessioned2012-03-15en_US
dc.date.accessioned2012-03-20T16:55:22Z-
dc.date.available2012-03-20T16:55:22Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/56036-
dc.description.abstractThe Petersburg Paradox and its solutions are formulated in a uniform arrangement centered around d'Alembert's ratio test. All its aspects are captured using three mappings, a mapping from the natural numbers to the space of the winnings, a utility function defined on the space of the winnings, and a transformation of the utilities of the winnings. The main attempts at a solution of the Petersburg Paradox are labeled according to their most fervent proponents, viz. Bernoulli and Cramer, Buffon, and Menger. This paper also investigates the role of the probabilities for the Petersburg Paradox: they may well be used to solve a Petersburg Paradox, or to re-gain it by means of appropriate transformations. Thus, the probabilities are also instrumental for the Petersburg Paradox. The Petersburg Paradox can only be avoided for bounded utility functions. Its various solution proposals are but disguised attempts of filling in the missing behavioral justification for the boundedness of utility functions. This paper also corrects several misconceptions which have crept in the respective literature.en_US
dc.language.isoengen_US
dc.publisherUniv., Dep. of Economics Kielen_US
dc.relation.ispartofseriesEconomics working paper, Christian-Albrechts-Universität Kiel, Department of Economics 2012-04en_US
dc.subject.ddc330en_US
dc.subject.stwEntscheidung bei Risikoen_US
dc.subject.stwErwartungsnutzenen_US
dc.subject.stwZeitpräferenzen_US
dc.subject.stwTheorieen_US
dc.titleThe Petersburg Paradox: Menger revisiteden_US
dc.typeWorking Paperen_US
dc.identifier.ppn688564992en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cauewp:201204-
Appears in Collections:Economics Working Papers, Department of Economics, CAU Kiel

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