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.
Fair enough in this case, but it’s important to avoid assuming that the approximation is universally applicable.