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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Harmonic sequence paradox |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | Economic Theory |
| Publisher | Springer |
| Geographical Reach | international |
| ISSN | 0938-2259 |
| Volume | 28 |
| Number | 1 |
| Page Range | 221 - 226 |
| Date | 2006 |
| Abstract Text | Informal evidence suggests that individuals are willing to pay only a finite and, typically, very low price for a specific lottery that converges to an infinite payment with probability one. The established decision theories (expected value, expected utility theory, cumulative prospect theory) cannot satisfactorily explain this low willingness to pay. The presented paradox strengthens the original and the super St. Petersburg paradox. |
| Digital Object Identifier | 10.1007/s00199-005-0606-9 |
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