Abstract
If the St. Petersburg game is played in real time, gamblers will discount their possible payoffs subjectively due to impatience. Risk-neutral individuals and some risk seekers will not pay an infinite sum to play the game. For three different risk-seeking utility functions, this paper derives conditions under which a gambler, with each utility function, refuses to pay an infinite sum to play the game.
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Weber, C.E. The St. Petersburg paradox: A resolution for impatient risk seekers. International Advances in Economic Research 4, 367–373 (1998). https://doi.org/10.1007/BF02295690
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DOI: https://doi.org/10.1007/BF02295690