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Harmonic sequence paradox


Blavatskyy, Pavlo R (2006). Harmonic sequence paradox. Economic Theory, 28(1):221-226.

Abstract

Informal evidence suggests that individuals are willing to pay only a finite and, typically, very low price for a specific lottery that converges to an infinite payment with probability one. The established decision theories (expected value, expected utility theory, cumulative prospect theory) cannot satisfactorily explain this low willingness to pay. The presented paradox strengthens the original and the super St. Petersburg paradox.

Abstract

Informal evidence suggests that individuals are willing to pay only a finite and, typically, very low price for a specific lottery that converges to an infinite payment with probability one. The established decision theories (expected value, expected utility theory, cumulative prospect theory) cannot satisfactorily explain this low willingness to pay. The presented paradox strengthens the original and the super St. Petersburg paradox.

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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
Language:English
Date:May 2006
Deposited On:11 Feb 2008 12:29
Last Modified:19 Feb 2018 06:43
Publisher:Springer
ISSN:0938-2259
OA Status:Closed
Publisher DOI:https://doi.org/10.1007/s00199-005-0606-9

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