The St. Petersburg paradox: A resolution for impatient risk seekers

Christian Weber

International Advances in Economic Research, 1998, vol. 4, issue 4, 367-373

Abstract: If the St. Petersburg game is played in real time, gamblers will discount their possible payoffs subjectively due to impatience. Risk-neutral individuals and some risk seekers will not pay an infinite sum to play the game. For three different risk-seeking utility functions, this paper derives conditions under which a gambler, with each utility function, refuses to pay an infinite sum to play the game. Copyright International Atlantic Economic Society 1998

Date: 1998
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DOI: 10.1007/BF02295690

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