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Back to the St. Petersburg paradox?


Blavatskyy, Pavlo R (2005). Back to the St. Petersburg paradox? Management Science, 51(4):677-678.

Abstract

The conventional parameterizations of cumulative prospect theory do not explain the St. Petersburg paradox. To do so, the power coefficient of an individual’s utility function must be lower than the power coefficient of an individual’s probability weighting function.

The conventional parameterizations of cumulative prospect theory do not explain the St. Petersburg paradox. To do so, the power coefficient of an individual’s utility function must be lower than the power coefficient of an individual’s probability weighting function.

Citations

20 citations in Web of Science®
24 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Uncontrolled Keywords:Expected utility theory, Cumulative prospect theory, St. Petersburg paradox, Power utility, Probability weighting
Language:English
Date:April 2005
Deposited On:11 Feb 2008 12:29
Last Modified:05 Apr 2016 12:22
Publisher:Institute for Operations Research and the Managements Sciences (INFORMS)
ISSN:0025-1909
Publisher DOI:10.1287/mnsc.1040.0352

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