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Considering the Pasadena "Paradox"

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  • Vivian, Robert William

Abstract

Nover and Hájek (2004) suggested a variant of the St Petersburg game which they dubbed the Pasadena game. They hold that their game ‘is more paradoxical than the St Petersburg game in several aspects’. The purpose of this article is to demonstrate theoretically and to validate by simulation, that their game does not lead to a paradox at all, let alone in the St Petersburg game sense. Their game does not produce inconsistencies in decision theory.

Suggested Citation

  • Vivian, Robert William, 2006. "Considering the Pasadena "Paradox"," MPRA Paper 5232, University Library of Munich, Germany, revised Jun 2006.
    • Handle: RePEc:pra:mprapa:5232
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    File URL: https://mpra.ub.uni-muenchen.de/5232/1/MPRA_paper_5232.pdf
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    References listed on IDEAS

    as
    1. Vivian, Robert William, 2003. "Solving Daniel Bernoulli's St Petersburg Paradox: The Paradox which is not and never was," MPRA Paper 5233, University Library of Munich, Germany, revised 2003.
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    Cited by:

    1. Vivian, Robert William, 2008. "Considering the Harmonic Sequence "Paradox"," MPRA Paper 21216, University Library of Munich, Germany.

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    2. Vivian, Robert William, 2008. "Considering the Harmonic Sequence "Paradox"," MPRA Paper 21216, University Library of Munich, Germany.
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    More about this item

    Keywords

    expected values; St Petersburg paradox; decision rules; simulation; harmonic series;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General

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