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I read the union essay a while ago, but your failure to sufficiently consider risk-aversion in this one was a major hole. I don't mean to really criticize that
by admoin 19y ago
I read the union essay a while ago, but your failure to sufficiently consider risk-aversion in this one was a major hole. I don't mean to really criticize that much, you write consistently great stuff.
- pg 19y agohttp://news.ycombinator.com/edit?id=35171 http://news.ycombinator.com/edit?id=35171
- admoin 19y agoThat works, except then I guess the hole was not making it clear enough that you were talking about utility rather than expected value. The problem with your response, and the reason that I don't really see it as a good explanation, is that your basic principle is far less useful if it requires the user to calculate their expected utility.
- pg 19y agoIn practice it's not hard, because nearly all founders' utility functions are practically step functions.