Risk and Time

From a new paper on the St Petersburg paradox and risk:

Excessive risk is to be avoided primarily because we cannot go back in time.

via The time resolution of the St Petersburg paradox.

Comments

  1. Hat tip to PK for posting this excellent paper. Thanks also to Author (Ole Peters) for writing that is so lucid over topics like morality (!), probability, statistical mechanics, and above all ergodicity. Has the clearest sentence explaining ergodicity i've seen yet (compare with obfuscation of wiki-pedia: http://en.wikipedia.org/wiki/Ergodicity).

    Ergo the kudos.