Optimisation and Utility Functions
نویسندگان
چکیده
The story begins in St. Petersburg in 1738. There Daniel Bernoulli proposed a solution to the “St. Petersburg Paradox” by introducing the notion of a utility function. The problem is formulated in somewhat flowery terms as a game. It was proposed by Nicholas Bernoulli, a cousin of Daniel, in a letter from 1713 to Pierre Raymond de Montmort. Suppose I offer you a random sum of money where the amount is determined from subsequent tosses of a fair coin in the following way. The payoff equals 2 ducats if the first heads appears on the n’th toss. Of course, this event has probability 2, so that the expected value of the payoff equals
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تاریخ انتشار 2012