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An approach to resolving two paradoxes in probability theory |
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| Authors: | Dao-jian Liu Tian-min Huang Ya-bo Chen |
| Institution: | 1. School of Mathematics and Computing Science, Hunan University of Science and Technology, Xiangtan 411201, China;School of Electrical Engineering, Southwest Jiaotong University, Chengdu 610031, Chain 2. School of Electrical Engineering, Southwest Jiaotong University, Chengdu 610031, Chain 3. Science College of Hunan Agricultural University, Changsha 410128, Chain |
| Abstract: | A new mathematical expectation formula with some hypotheses, notions and propositions was givento get rid of the challenge of St. Petersburg paradox and Pascal's wager. Relevant results show that it is veryeffective to apply the model to solve the expected revenue problems containing random events with low proba-bility but high revenue. This work also provides the probability theory with a more widely applied perspectivein group decision-making. |
| Keywords: | conservative probability function conservation degree conservative mathematical expectation St Petersburg paradox and Pascal's wager convergence group decision-making |
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