The utility of winning $1000 is not the negative of the utility of losing $1000.
From what I have inferred about Michael’s financial status the approximation seemed safe enough.
The utility of winning $1000 is not the negative of the utility of losing $1000. From what I have inferred about Michael’s financial status the approximation seemed safe enough.
Fair enough in this case, but it’s important to avoid assuming that the approximation is universally applicable.
From what I have inferred about Michael’s financial status the approximation seemed safe enough.
Fair enough in this case, but it’s important to avoid assuming that the approximation is universally applicable.