Surunveri

I wanted to point out that this flaw is not a foolish flaw. That's how we create plans, we project and create expectations, and the anticipated feeling of loss is frustrating to plan for. In a theoretical example you might make a bad decision, but isn't it also that this flaw causes you to make good decisions in actual real-world situations? Since they don't tend to occur in such theoretical forms where you have all the required information available and which lack context.

If you'd actually encounter this problem in a real-world situation, you might end up making a bad decision because of handling it with a too theoretical approach - what... (read more)

If you'd ask any person capable of doing the math whether they would want to play 1A or 1B a thousand times you'd probably get a different answer, but not an answer that's more correct.

Also the utility value of money is not directly relative to the amount of money. Imagine that you would need a 1000$ dollars of money to save your dying relative with certainty by paying for his/her treatment. Good enough for explaining 1A > 1B, but doesn't resolve the contradiction with 2B > 2A.

But even a more revealing edit is based exactly onto the certainty. If you would be presented with these two questions, in such a fashion... (read more)