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Generalized n-Paul paradox

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  • Kevei, Péter

Abstract

The paradoxical results of Csörgo and Simons for mutually beneficial sharing among any fixed number of St. Petersburg gamblers are extended to games played by a possibly biased coin, with p as the probability of 'heads.' The extension is not straightforward because, unlike in the classical case with p=1/2, admissibly pooled winnings generally fail to stochastically dominate individual ones for more than two gamblers. Best admissible pooling strategies are determined when p is rational, and the algebraic depth of the problem for an irrational p is illustrated by an example.

Suggested Citation

  • Kevei, Péter, 2007. "Generalized n-Paul paradox," Statistics & Probability Letters, Elsevier, vol. 77(11), pages 1043-1049, June.
  • Handle: RePEc:eee:stapro:v:77:y:2007:i:11:p:1043-1049
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    References listed on IDEAS

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    1. Csörgo, Sándor & Simons, Gordon, 1996. "A strong law of large numbers for trimmed sums, with applications to generalized St. Petersburg games," Statistics & Probability Letters, Elsevier, vol. 26(1), pages 65-73, January.
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    Cited by:

    1. Péter Kevei & Sándor Csörgő, 2009. "Merging of Linear Combinations to Semistable Laws," Journal of Theoretical Probability, Springer, vol. 22(3), pages 772-790, September.

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