A Guide to the Risk-Averse Gambler and Resolving the St. Petersburg Paradox Once and For All
Lucy Martinez, and Doron Zeilberger
TL;DR
This paper provides a comprehensive approach using simulation, numeric, and symbolic computations to guide risk-averse gamblers and offers a definitive resolution to the St. Petersburg paradox.
Contribution
It introduces a unified computational framework to analyze risk-averse decision-making and resolves the longstanding paradox with new insights.
Findings
Guidance for risk-averse gamblers based on computational methods
A definitive resolution to the St. Petersburg paradox
Comparison of simulation, numeric, and symbolic approaches
Abstract
We use three kinds of computations: simulation, numeric, and symbolic, to guide risk-averse gamblers in general, and offer particular advice on how to resolve the famous St. Petersburg paradox.
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Taxonomy
TopicsProbability and Statistical Research