What is it about?
The St. Petersburg Paradox has been well known since the time of Daniel Bernoulli, and has to do with the fact that people do not accept a bet or offer that supposedly has a finite cost but an infinite expectation.
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Why is it important?
In this work, I explain why the paradox goes away when we realize that the expectation must necessarily be bounded.
Read the Original
This page is a summary of: A note on the St. Petersburg paradox, Elemente der Mathematik, August 2001, Research Institute for Mathematical Sciences, Kyoto University,
DOI: 10.1007/pl00000081.
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