When to accept a sequence of gambles |
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Authors: | Ola Hammarlid |
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Institution: | Stockholm University, Department of Mathematic, SE-106 91 Stockholm, Sweden |
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Abstract: | When is a sequence of gambles, which is initially rejected eventually accepted? The eventual acceptance is defined as a pair property between the utility function and the sequences of gambles. A sequence of gambles is accepted when the gambles follow a large deviation principle and the utility function is non-satiated and bounded from below in a certain way. The number of gambles required for acceptance is computed. |
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Keywords: | Fallacy of large numbers Eventual acceptance property Large deviation Rate function Expected utility |
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