INPROFORUM 2016

On Utility Function for Money
Jana Klicnarová

Language: en
Last modified: 2017-03-16

Abstract


It is well-known, that in decision analysis, it is worth to use utility function. It is a way how to make a better decision than in case without application of utility function. In this paper we present a way how to construct a utility function for money and how to use it for solution of St. Petersburg paradox.


Keywords


St. Petersburg paradox; Utility function for money; Expected profit

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