Thank you sir, I love you. I've spent 4 hours myself but couldn't get it and you did it for me in 11 minutes
@bonitawong8148
4 жыл бұрын
Thank you for your videos Ronald.
@ramsprashijunnu
5 жыл бұрын
What can be unknown events for gambles with ticket draw of 1 to 100 when applying STP?
@hillaryfrancescanocerino4907
9 жыл бұрын
Perfect explanation. Really thank you, from Italy. :)
@odeiasante
6 жыл бұрын
please fix this: if someone chooses d over c they are presumably maxim izing expected value and if someone chooses a over b they are presumably maximizing expected value
@SunnyOlga
7 жыл бұрын
thanks! Very clear explanation.
@alexstremme6839
6 жыл бұрын
The "proof" of inconsistency is unclear. What we should do is this: If you prefer A over B, and your preferences are given by expected utility, then U(1m) > 0.1 U(5m) + 0.89 U(1m) + 0.01 U(0) Subtract 0.89 U(1m) from both sides: 0.11 U(1m) > 0.1 U(5m) + 0.01 U(0) Now add 0.89 U(0) to both sides: 0.11 U(1m) + 0.89 U(0) > 0.1 U(5m) + 0.9 U(0) The left-hand side is the expected utility of C, the right-hand side of D So if you prefer A over C and you follow exp. utility, you MUST prefer C over D That's the contradiction. So "real" people can't be following expected utility when making their choices.
@phebeenasmith5386
4 жыл бұрын
Why do you choose 0.89 u(1) and 0.89 u(0)? Are we trying to reduce one gamble to the other? Is that the aim?
@aarongoldsmith9967
8 жыл бұрын
How can you honestly cancel the .89 chance of $1m?? The C/D gamble is based on a 0 bankroll (more utility) and the A/B gamble is based on a 89% likely $1m bankroll (less utility)... unless you're going around polling millionaires.
@tbrowntracyj
7 жыл бұрын
if they pick a over b we can presume they do not do math
@thebutterflyNL
7 жыл бұрын
why can you rearrange it, because you always would get 100% chance of 1million just doesnt make sense
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