The concepts of risk and uncertainty are rather subtle, and so are their applicability to the social sciences. By reviewing the historically significant example of the St. Petersburg Paradox, this note suggests that when mathematical models of rationality and intuitions about rationality conflict, sometimes the former must be bent to fit the latter. This line of reasoning is all the more relevant when confronting the kind of uncertainty which many refer to as “ambiguity”.
Lettera Matematica – Springer Journals
Published: Jun 30, 2017
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