The Saint Petersburg Game: An Exposition of the Classical Treatment

William H. Ruckle

Risk Analysis, 1981, vol. 1, issue 4, 241-250

Abstract: An early attempt to measure risk was the 1738 paper of Bernoulli in which he describes the well‐known Saint Petersburg paradox. Subsequent writers have considered this game to draw conclusions about the nature of risk or to test newly devised risk models. We analyze the paradox, evaluate various theories which have been advanced to resolve it, and briefly examine the implications of these theories on the wider area of risk analysis.

Date: 1981
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https://doi.org/10.1111/j.1539-6924.1981.tb01424.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:1:y:1981:i:4:p:241-250

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