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The “Fallacy” of Maximizing the Geometric Mean in Long Sequences of Investing or Gambling

Because the outcomes of repeated investments or gambles involve products of variables, authorities have repeatedly been tempted to the belief that, in a long sequence, maximization of the expected value of terminal utility can be achieved or well-approximated by a strategy of maximizing at each stag...

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Detalhes bibliográficos
Autor principal: Samuelson, Paul A.
Formato: Artigo
Idioma:Inglês
Publicado em: 1971
Assuntos:
Acesso em linha:https://ncbi.nlm.nih.gov/pmc/articles/PMC389451/
https://ncbi.nlm.nih.gov/pubmed/16591949
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