Time,bounded utility,and the St. Petersburg paradox |
| |
Authors: | Tyler Cowen Jack High |
| |
Institution: | (1) School of Social Sciences, University of California at Irvine, Irvine, CA, USA;(2) Department of Economics, George Mason University, Fairfax, VA, USA |
| |
Abstract: | The assumption of bounded utility function resolves the St. Petersburg paradox. The justification for such a bound is provided by Brito, who argues that limited time will bound the utility function. However, a reformulated St. Petersburg game, which is played for both money and time, effectively circumvents Brito's justification for a bound. Hence, no convincing justification for bounding the utility function yet exists. |
| |
Keywords: | St Petersburg Paradox expected utility bounded utility cardinal utility Becker's theory of time |
本文献已被 SpringerLink 等数据库收录! |
|