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AlexMennen 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: AlexMennen 12 July 2011 02:51:03AM *  1 point [-]

Prospero's change from rejecting the insurance when framed as gains, to buying it when framed as losses, directly mirrors the change in preferred survival strategies mentioned in Circular Altruism.

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Prospero's change from rejecting the insurance when framed as losses, to buying it when framed as gains, is directly opposite to the change in preferred survival strategies mentioned in Circular Altruism. Apparently we use radically different decision theories when thinking about our own well-being than we do when thinking about the well-being of abstract others.