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Comment: The petersburg paradox. There we go again. A reply to Bierman and Rapoport
Author(s) -
Oppe Siem
Publication year - 1990
Publication title -
behavioral science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.371
H-Index - 45
eISSN - 1099-1743
pISSN - 0005-7940
DOI - 10.1002/bs.3830350306
Subject(s) - st petersburg , mathematical economics , mathematics , sociology , psychology , regional science , russian federation
This note is a reply to the solution of a decision paradox by Harold Bierman, Jr. and Anatol Rapoport ( Behavioral Science , October, 1989, 286–290), both expressing the need for psychological concepts to clarify the problem. It is argued that their games are special cases of the classical Petersburg game of which a solution, based exclusively on probability theory, is given by Feller (1970). Furthermore, it states that a serious practical problem remains to be solved.