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" You acknowledge then that you were wrong when you said that "One includes the starting wealth of the gambler and the other does not." Good. We're progressing
by ReflectedImage 6y ago
"
You acknowledge then that you were wrong when you said that "One includes the starting wealth of the gambler and the other does not."
Good. We're progressing. You've learned something today. "
No, one does include the starting wealth of the gambler and the other does not.
- kgwgk 6y agoWill you believe it from the mouth of Ole Peters himself? This is from the Nature Physics article: "we had worked out in detail the correspondences between linear utility and additive dynamics; and between logarithmic utility and multiplicative dynamics" From "The time resolution of the St Petersburg paradox": "the time-average performance of the lottery is computed. The final result can be phrased mathematically identically to Daniel Bernoulli's resolution, which uses logarithmic utility" "Equation (6.10) is mathematically equivalent to Bernoulli's use of logarithmic utility."