As far as I can tell, he lists wealth, and log wealth as the two possible criteria. If there are others, I missed them. If you try to match a power utility mo

As far as I can tell, he lists wealth, and log wealth as the two possible criteria. If there are others, I missed them. If you try to match a power utility model with stock market data, to match prices on the stock market, you would reject both the additive model (eta = 0) and the multiplicative model (eta = 1), in favor of an eta greater than 10. This is known as the equity premium puzzle. The thrust of research over the past 30 years in explaining stock prices has been to reject both Peters' models, and expected utility in general. People build their entire careers on investigating alternatives. There are hundreds of experiments to explain, plus all of the real-world data. It turns out that explaining all of this with one unified model is hard.