Real life translations:
Expected value = That thing that never happens to me unless it is a bad outcome
Loss aversion = Its just the first week of this month and I have already lost 12 arguments, been ripped off twice and have gotten 0 likes on Tinder
A fair coin flip = Life is not fair
Utility function = Static noise
Real life translations:
Expected value = That thing that never happens to me unless it is a bad outcome
Loss aversion = Its just the first week of this month and I have already lost 12 arguments, been ripped off twice and have gotten 0 likes on Tinder
A fair coin flip = Life is not fair
Utility function = Static noise