The St Petersburg paradox actually sounds to me a lot like Pascal's Mugging. That is, you are offered a very small chance at a very large amount of utility, (or in the case of Pascal Mugging, of not loosing a large amount of utility), with a very high expected value if you accept the deal, but because the deal has such a low chance of paying out, a smart person will turn it down, despite that having less expected value than accepting.

Added. See here.

I concur. Plus, the St. Petersburg paradox was the impetus for Daniel Bernoulli's invention of the concept of utility.