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The St. Petersburg Paradox

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[New Entry by Martin Peterson on July 30, 2019.] The St. Petersburg paradox was introduced by Nicolaus Bernoulli in 1713. It continues to be a reliable source for new puzzles and insights in decision theory. The standard version of the St. Petersburg paradox is derived from the St. Petersburg game, which is played as follows: A fair coin is flipped until it comes up heads the first time. At that point the...

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News source: Stanford Encyclopedia of Philosophy

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