There's not any symmetry there between winds and losses that one might think of as irash. In fact, i mean a behaviour of the colonists have something called mental accounting wic which states exactly what you said. The idea in the idea in social science of loss version has not been thought through properly. It is not measurable the way it has been measured. And its shockingly a provocative especially when we think about what is going through people's heads when they're sitting in an experiment That we're trying to generalize from.
Nassim Nicholas Taleb, author of Skin in the Game, talks with EconTalk host Russ Roberts about the ideas in the book. This is the third episode of EconTalk with Taleb related to the general topic of skin in the game and how it affects decision-making and policy in an uncertain world. This episode focuses on rationality, religion, and the challenge of thinking about probability and risk correctly in a dynamic world.