Mathematics and Cognition  Seminar

Fall 2007

Tuesdays 12:15  ISTB1-401

Seminar Schedule:<http://math.la.asu.edu/~tom/cognition/math+cogsched.html>

On Tuesday, November 13,  at 12:15 Noon in ISTB1-401,
the Mathematics and Cognition Seminar
will present a discussion with Peter Killeen,

 of the Department of Psychology

on the topic of 

"The St. Petersburg Paradox at 300: Roots, Ramifications, Resolutions and Resolution"

Abstract
I flip a fair coin until it lands tails, and give you 2^n dollars ($2, 4, 8 …) where n is the number of flips: 1, 2, 3, … etc. How much would you pay me for the opportunity to play? Answer here: _______. 

The disparity between ideal (optimal?) and real offers has constituted a paradox for 300 years. Initial attempts at resolution are relevant to the lifeworks of Bentham, Fechner, and Tversky. Most are flawed. I offer a resolution based on finitary mathematics, or the laws-of-not-so-large-numbers. I then apply this framework to other paradoxes, and as well as to more quotidian decisions.   Bring money.