Considering the Pasadena "Paradox"
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.
|Date of creation:||Jun 2006|
|Date of revision:||Jun 2006|
|Publication status:||Published in South African Journal of Economic & Management Sciences NS9.2(2006): pp. 277-284|
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- 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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