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As you mention effort/value can be converted to dollar value, so I don't think we actually disagree that strongly - the missing word from my critique would be "
by lhl 7y ago
As you mention effort/value can be converted to dollar value, so I don't think we actually disagree that strongly - the missing word from my critique would be "fixed" dollar amount - using the hypothetical $10M lifetime worth.
There's more to it, but the point I was trying to make is that the amount of time/effort/money you spend worrying about coronavirus should (rationally) be relative to what you spend for other similar risks.
For your last example, I think that what you pay to save time or effort saving services might be on a different calculus since there's a guarantee of how much time or bother it might save you, vs a potential downside calculation.
- jessriedel 7y ago> the missing word from my critique would be "fixed" dollar amount Sorry, are you just saying different people may have different amounts? Sure, sure. But for a given individual the amount has to be fixed across the choices (at least all the choices close enough in time that the money is fungible). > since there's a guarantee of how much time or bother it might save you, vs a potential downside calculation. When I decide to wear a mask to the store, there is a guarantee of how much bother it costs me. The only thing that's uncertain is the risk to my life. But, as previously argued, each person should have a linear risk-dollar exchange rate for small risks.