My opinion is that the St Petersberg game isn’t paradoxical, it is very valuable, you should play it, it’s counterintuitive to you because you can’t actually imagine a quantity that comes in linear proportion to utility, you have never encountered one, none seems to exist.
Money, for instance, is definitely not linearly proportionate to utility, the more you get the less it’s worth to you, and at its extremes, it can command no more resources than what the market offers, and if you get enough of it, the market will notice and it will all become valueless.
Every resource that exists has sub-linear utility returns in the extremes.
(Hmm. What about land? Seems linear, to an extent)
My opinion is that the St Petersberg game isn’t paradoxical, it is very valuable, you should play it, it’s counterintuitive to you because you can’t actually imagine a quantity that comes in linear proportion to utility, you have never encountered one, none seems to exist.
Money, for instance, is definitely not linearly proportionate to utility, the more you get the less it’s worth to you, and at its extremes, it can command no more resources than what the market offers, and if you get enough of it, the market will notice and it will all become valueless.
Every resource that exists has sub-linear utility returns in the extremes.
(Hmm. What about land? Seems linear, to an extent)