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A comment on Expected Utility. Parent comment
tl;dr - people over value loses, and undervalue gains.
If we have a coin toss game where head=5$ for me and tails=5$ for you, you will only play if the game is something like 70 / 30 in your favor.
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tl;dr - people over value loses, and undervalue gains.
If we have a coin toss game where head=5$ for me and tails=5$ for you, you will only play if the game is something like 70 / 30 in your favor.