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