Menger 1934 revisited
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.
- Publication:
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arXiv e-prints
- Pub Date:
- October 2011
- DOI:
- 10.48550/arXiv.1110.1578
- arXiv:
- arXiv:1110.1578
- Bibcode:
- 2011arXiv1110.1578P
- Keywords:
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- Quantitative Finance - Risk Management
- E-Print:
- 16 pages, 1 figure