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#424 - Steven Pinker - The Problem With Trying To Be Rational
Modern Wisdom
How to Measure Risk and Reward
Expected utility theory is one of the less popular theories. People often blame it for the whole homo economics rational. It's basely the idea that when you're faced with an option, under a a risky option, you should multiply the probability of each outcome by its cost or benefit,. The proof of the pudding is in the eating. Midoes iti really does not make sense to buy a life insurance policy for your toaster. You be much better off just occasionally absorbing the price of the repair or replacement andyo, be ahead.
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