Das Unsicherheitsmoment in der Wertlehre

  title={Das Unsicherheitsmoment in der Wertlehre},
  author={Karl Menger},
  journal={Zeitschrift f{\"u}r National{\"o}konomie},
  • K. Menger
  • Published 1934
  • Economics
  • Zeitschrift für Nationalökonomie
Relative Net Utility and the Saint Petersburg Paradox
This paper explored how artificial intelligent (AI) agent will make choices and observed that if AI agent uses the nominal utility approach it will see infinite reward while if it uses the net utility approach It will see the limited reward that human beings see. Expand
Menger 1934 revisited
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, failExpand
Bounded, Sigmoid Utility for Insurance Applications
Applying a well-known argument of Karl Menger to an insurance version of the St. Petersburg Paradox (in which the decision maker is confronted with losses, rather than gains), one can assert that vonExpand
Moral Impossibility in the Petersburg Paradox : A Literature Survey and Experimental Evidence
The Petersburg paradox has led to much thought for three centuries. This paper describes the paradox, discusses its resolutions advanced in the literature while alluding to the historical context,Expand
The mean, the median, and the St. Petersburg paradox.
This classic paradox has a straightforward explanation rooted in the use of a statistical heuristic, and it is argued that the distribution of outcomes embodied in the St. Petersburg paradox is so divergent from the Gaussian form that the statistical mean is a poor estimator of expected value. Expand
Bliss, Catastrophe, and Rational Policy
Lotteries with infinite expected utility are inconsistent with the axioms of expected utility theory. To rule them out, either the set of permissible lotteries must be restricted (to exclude, at aExpand
On the Mixed Extension of a Strategic Game1
The mixed extension of a strategic game is said to exist if each joint mixed strategy yields a well-defined and finite expected payoff for every player. With finitely many players, a mixed extensionExpand
On Welfare Frameworks and Catastrophic Climate Risks
Recent theoretical work in the economics of climate change has suggested that climate policy is highly sensitive to ‘fat-tailed’ risks of catastrophic outcomes (Weitzman, 2009b). Such risks areExpand
The Use of Utility Functions for Investment Channel Choice in Defined Contribution Retirement Funds. I: Defence
ABSTRACT This paper addresses the use of expected utility theory for the recommendation of an apportionment between investment channels of a member's interest in a defined contribution retirementExpand
From the St. Petersburg paradox to the dismal theorem
  • Susumu Cato
  • Economics
  • Environment and Development Economics
  • 2020
Abstract This paper aims to consider the meaning of the dismal theorem, as presented by Martin Weitzman [(2009) On modeling and interpreting the economics of catastrophic climate change. Review ofExpand