Simulating Daniel Bernoulli’s St. Petersburg game: Theoretical and empirical consistency

Robert Vivian ()

Simulation & Gaming, 2004, vol. 35, issue 4, 499-504

Abstract: Russon and Chang simulated St. Petersburg games and found that their results were inconsistent with their theoretical predictions. In this article, the theoretical outcomes are derived this time using the methodology suggested by Daniel Bernoulli, and games are then simulated. When this is done, it is found that the theoretical and empirical results are consistent.

Keywords: expected value; expected utility value; probability; St. Petersburg paradox; simulation (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:sae:simgam:v:35:y:2004:i:4:p:499-504

DOI: 10.1177/1046878104268733

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