Article Instance

HTTP 200 OK
Allow: GET
Content-Type: application/json
Vary: Accept

{
    "pk": 28569,
    "title": "A Resource-Rational Process-Level Account of the St. Petersburg Paradox",
    "subtitle": null,
    "abstract": "The St. Petersburg paradox is a centuries-old philosophicalpuzzle concerning a lottery with infinite expected payoff,on which people are, nevertheless, willing to place only asmall bid. Despite many attempts and several proposals, nogenerally-accepted resolution is yet at hand. In this work, wepresent the first resource-rational process-level explanation ofthis paradox, demonstrating that it can be accounted for by avariant of normative expected-utility-maximization which ac-knowledges cognitive limitations. Specifically, we show thatNobandegani et al.’s (2018) metacognitively-rational model,sample-based expected utility (SbEU), can account for majorexperimental findings on this paradox. Crucially, our resolu-tion is consistent with two empirically well-supported assump-tions: (1) people use only a few samples in probabilistic judg-ments and decision-making, and (2) people tend to overesti-mate the probability of extreme events in their judgment.",
    "language": "eng",
    "license": {
        "name": "",
        "short_name": "",
        "text": null,
        "url": ""
    },
    "keywords": [
        {
            "word": "St. Petersburg Paradox; bounded rationality;resource-rational process models; expected utility theory; in-ference by sampling"
        }
    ],
    "section": "Papers with Oral Presentations",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/2c90v6k5",
    "frozenauthors": [
        {
            "first_name": "Ardavan",
            "middle_name": "S.",
            "last_name": "Nobandegani",
            "name_suffix": "",
            "institution": "McGill University",
            "department": ""
        },
        {
            "first_name": "Kevin",
            "middle_name": "da Silva",
            "last_name": "Castanheira",
            "name_suffix": "",
            "institution": "McGill University",
            "department": ""
        },
        {
            "first_name": "Thomas",
            "middle_name": "R.",
            "last_name": "Shultz",
            "name_suffix": "",
            "institution": "McGill University",
            "department": ""
        },
        {
            "first_name": "A. Ross",
            "middle_name": "",
            "last_name": "Otto",
            "name_suffix": "",
            "institution": "McGill University",
            "department": ""
        }
    ],
    "date_submitted": null,
    "date_accepted": null,
    "date_published": "2019-01-01T18:00:00Z",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/cognitivesciencesociety/article/28569/galley/18440/download/"
        }
    ]
}