Timeline for Expected value as decision criterion in the context of rare events
Current License: CC BY-SA 2.5
4 events
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| Jan 5, 2011 at 22:22 | comment | added | aorq | Nobel Prize-winning economist Paul A. Samuelson disagreed with this approach in his paper "Why we should not make mean log of wealth big though years to act are long" written entirely with words of one syllable*. Here's the official journal page and here's a free online copy. *There are a few intended exceptions like "Samuelson" and "syllable". Fun puzzle: find a two-syllable word in the paper that Samuelson missed. | |
| Jan 3, 2011 at 4:08 | comment | added | David Harris | I really like this approach, because it generalizes the deterministic reasoning of the law of large numbers to rare events. There is no recourse to the artifice of utility functions. | |
| Jan 3, 2011 at 4:05 | vote | accept | David Harris | ||
| Jan 3, 2011 at 1:50 | history | answered | Andrey Rekalo | CC BY-SA 2.5 |