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  • utility theory  (1)
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    Electronic Resource
    Electronic Resource
    The law of large numbers and the attractiveness of compound gambles (1988)
    Springer
    Journal of risk and uncertainty 1 (1988), S. 125-132 
    Details
    ISSN: 1573-0476
    Keywords: compound gambles ; law of large numbers ; utility theory
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A compound of many independent replicas of a gamble may be chosen by a risk averter even if the single gamble would be rejected given any initial wealth level. Samuelson has shown that such choices are impossible if the expected utility theory of preference is adopted. But they are consistent with more general theories of preference. Consequently, the intuition suggested by the law of large numbers can be supported.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00055567
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