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Vaniver comments on Prospect Theory: A Framework for Understanding Cognitive Biases - Less Wrong

66 Post author: Yvain 10 July 2011 05:20AM

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Comment author: Vaniver 11 July 2011 04:48:16AM 2 points [-]

That looks like something else, actually- that's the sharply falling weight near 1, as uncertain things aren't as valuable as certain things. Yvain is discussing when people model a tiny chance of winning as much larger- as vividly displayed by the lottery, for example.

Comment author: Unnamed 11 July 2011 06:09:10AM *  0 points [-]

You're right; comment retracted/edited. I'd thought that it referred to the sharp changes in weight near 1 and 0, but a little bit of googling confirms that the term is only applied to the change near 1.