Before revision:  Here we note that the expectation value is the wrong starting point -- a legacy from the early days of probability theory. It is the wrong starting point because not even the most basic models of wealth (random walks) are stationary, and what the individual experiences over time is not the expectation value. We use the standard model of noisy exponential growth and compute time-average growth rates instead of expectation values of wealth .
After revision:  Here we show the puzzle goes away if contracts are evaluated by their effect on the time-average growth rates instead of expectation values of wealth .