Tom Ritchford
Sep 2, 2023

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Lots of fun!

The St Petersburg Paradox isn't really a paradox though: it only applies if the person offering the game has an infinite amount of money. If they don't, your expected value is log2 of their wealth, so for example if your bank manager is worth a million, your expected value from the game is about $20.

I learned all the above from Martin Gardner writing about Martingales. I really miss him.

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