The St. Petersburg paradox is a famous problem in probability theory and decision theory that highlights the conflict between expected value and practical decision-making. It was formulated by Daniel Bernoulli in 1738. The setup of the paradox is as follows: A player participates in a game where a fair coin is flipped repeatedly until it lands on heads. The pot starts at $2 and doubles with each flip of tails.
Articles by others on the same topic
There are currently no matching articles.