Menger 1934 revisited

2011/10/07 by Ole Peters, Peters, Ole
Economics, Econometrics and Finance · #Economic Theory and Institutions #Economic Theory and Policy #Economic theories and models #FOS: Economics and business #Risk Management (q-fin.RM)

paper · pdf · doi:10.48550/arxiv.1110.1578

openalex publication_date 2011/10/07 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28

Abstract

Karl Menger's 1934 paper on the St. Petersburg paradox contains mathematical errors that invalidate his conclusion that unbounded utility functions, specifically Bernoulli's logarithmic utility, fail to resolve modified versions of the St. Petersburg paradox.

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