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comment by shminux ·
2022-11-16T04:30:07.553Z · LW(p) · GW(p)
"it all disappears" has a negative infinity value, so the game is never worth playing. In the St.Peterburg paradox you lose money. In the proposed setup you lose everything for everyone.
comment by harfe ·
2022-11-16T04:01:39.625Z · LW(p) · GW(p)
I fail to see how this changes the answer to the St Petersburg paradox.
We have the option of 2 utility with 51% probability and 0 utility with 49% probability, and a second option of utility 1 with 100%.
Removing the worst 0.5% of the probability distribution gives us a probability of 48.5% for utility 0,
and removing the best 0.5% of the probability distribution gives us a probability of 50.5% for utility 2.
Renormalizing so that the probabilities sum to gives us probabilities
for utility , and for utility .
The expected value is then still greater than .
Thus we should choose the option where we have a chance at doubling utility.
Replies from: cole-killian, cole-killian