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Menger 1934 revisited

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  • Ole Peters

Abstract

Karl Menger's 1934 paper on the St. Petersburg paradox contains mathematical errors that invalidate his conclusion that unbounded utility functions, specifically Bernoulli's logarithmic utility, fail to resolve modified versions of the St. Petersburg paradox.

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  • Ole Peters, 2011. "Menger 1934 revisited," Papers 1110.1578, arXiv.org.
    • Handle: RePEc:arx:papers:1110.1578
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    File URL: http://arxiv.org/pdf/1110.1578
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    Cited by:

    1. Valerii Salov, 2015. "The Role of Time in Making Risky Decisions and the Function of Choice," Papers 1512.08792, arXiv.org.
    2. Bell, Peter Newton, 2014. "Properties of time averages in a risk management simulation," MPRA Paper 55803, University Library of Munich, Germany.
    3. Gao Siwei & Powers Michael R., 2017. "Bounded, Sigmoid Utility for Insurance Applications," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 11(1), pages 1-19, January.
    4. Sonntag, Dominik, 2018. "Die Theorie der fairen geometrischen Rendite [The Theory of Fair Geometric Returns]," MPRA Paper 87082, University Library of Munich, Germany.
    5. Bell, Peter N, 2014. "A Method for Experimental Events that Break Cointegration: Counterfactual Simulation," MPRA Paper 53523, University Library of Munich, Germany.

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