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My AI professor had a great explanation for this: * lottery B = $900 * lottery A = 0.9 chance of $1000 and 0.1 chance of 0 + feeling stupid.
by tikhonj 15y ago
My AI professor had a great explanation for this:
* lottery B = $900
* lottery A = 0.9 chance of $1000 and 0.1 chance of 0 + feeling stupid.
- sdoering 15y agoThe feeling stupid part got me here. Aftter that, I understood a little bit more. So thanks for that. But I really believe, that it comes down to "how often" these chances come in ones life. It can be seen in the gameshow "Who want's to be a millionaire". In Germany we have a fourth joker: people give up the savety-net at 16.000 for an aditional joker. till now everyone of the winners, who got the million, did not take this option. 16.000 is a lot of money, regarding, that you started with 0. on the other hand 500 (the second level net) is really not so much, when you are hanging at 125.000 and having to take a shot at the million. and falling down to 500 feels a lot more stupid. so people become risk adverse (risk of loosing a lot and feeling stupid) a lot faster and don't trust their answer when gambling for that million.
- deleted 15y ago[deleted]
- malbertife 15y agoIsn't * lottery A = 0.9 chance of $1000 + feeling somewhat smart and 0.1 chance of 0 + feeling very stupid more accurate?