The Utility of infinite menus
Author: Nielsen, Lars Tyge INSEAD Area: Finance Series: Working Paper ; 90/52/FIN Publisher: Fontainebleau : INSEAD, 1990.Language: EnglishDescription: 12 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: It is often argued that the St. Petersburg paradox shows that von Neumann-Morgenstern utility functions must be bounded. Shapley (1977a,b) has argued that even ordinal utility functions must be bounded. By implication, von Neumann-Morgenstern utility functions must be bounded, but the boundedness issue is independent of the considerations surrounding gambling and the St. Petersburg paradox. That view is challenged in the present paper| Item type | Current location | Collection | Call number | Status | Date due | Barcode | Item holds |
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It is often argued that the St. Petersburg paradox shows that von Neumann-Morgenstern utility functions must be bounded. Shapley (1977a,b) has argued that even ordinal utility functions must be bounded. By implication, von Neumann-Morgenstern utility functions must be bounded, but the boundedness issue is independent of the considerations surrounding gambling and the St. Petersburg paradox. That view is challenged in the present paper
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