## 123 Citations

### Relative Net Utility and the Saint Petersburg Paradox

- EconomicsArXiv
- 2019

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.

### Bounded, Sigmoid Utility for Insurance Applications

- Economics
- 2016

Abstract 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…

### Evaluating gambles using dynamics.

- EconomicsChaos
- 2016

Simultaneously addressing the shortcomings of utility and those of expectations, this work proposes to evaluate gambles by averaging wealth growth over time, invalidating a commonly cited argument for bounded utility functions.

### Menger 1934 revisited

- Psychology
- 2011

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, fail…

### Moral Impossibility in the Petersburg Paradox : A Literature Survey and Experimental Evidence

- Economics
- 2010

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,…

### The mean, the median, and the St. Petersburg paradox.

- EconomicsJudgment and decision making
- 2009

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.

### Bliss, Catastrophe, and Rational Policy

- Economics
- 2014

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 a…

### On the Mixed Extension of a Strategic Game1

- Economics, Mathematics
- 2013

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 extension…

### On Welfare Frameworks and Catastrophic Climate Risks

- EconomicsSSRN Electronic Journal
- 2013

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 are…

### The Use of Utility Functions for Investment Channel Choice in Defined Contribution Retirement Funds. I: Defence

- EconomicsBritish Actuarial Journal
- 2003

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 retirement…