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{
    "pk": 26134,
    "title": "The St. Petersburg Paradox: A Subjective Probability Solution",
    "subtitle": null,
    "abstract": "The St. Petersburg Paradox (SPP), where people are willing topay only a modest amount for a lottery with infinite expectedgain, has been a famous showcase of human (ir)rationality.Since inception multiple solutions have been proposed,including the influential expected utility theory. Criticismsremain due to the lack of a priori justification for the utilityfunction. Here we report a new solution to the long-standingparadox, which focuses on the probability weightingcomponent (rather than the value/utility component) incalculating the expected value of the game. We show that anew Additional Transition Time (AT) based measure,motivated by both physics and psychology, can naturally leadto a converging expected value and therefore solve theparadox.",
    "language": "eng",
    "license": {
        "name": "",
        "short_name": "",
        "text": null,
        "url": ""
    },
    "keywords": [
        {
            "word": "human judgment and decision making"
        },
        {
            "word": "probability"
        },
        {
            "word": "St. Petersburg Paradox"
        }
    ],
    "section": "Papers",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/7890m30v",
    "frozenauthors": [
        {
            "first_name": "Hongbin",
            "middle_name": "",
            "last_name": "Wang",
            "name_suffix": "",
            "institution": "Texas A&M University",
            "department": ""
        },
        {
            "first_name": "Yanlong",
            "middle_name": "",
            "last_name": "Sun",
            "name_suffix": "",
            "institution": "Texas A&M University",
            "department": ""
        },
        {
            "first_name": "Jack",
            "middle_name": "W.",
            "last_name": "Smith",
            "name_suffix": "",
            "institution": "Texas A&M University",
            "department": ""
        }
    ],
    "date_submitted": null,
    "date_accepted": null,
    "date_published": "2016-01-01T18:00:00Z",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/cognitivesciencesociety/article/26134/galley/15770/download/"
        }
    ]
}