The Emotional Journey of Buying and Selling
2Bobs—with David C. Baker and Blair Enns
00:00
The Probability Effect and Expected Utility Theory
Expected utility theory works on populations or numerous instances. It doesn't actually work over populations, but when it's one person making one decision at one time, it's known as the certainty effect. People over weight outcomes that are considered certain relative to outcomes that are suspected of being probable.
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