thomblake comments on The Savage theorem and the Ellsberg paradox - Less Wrong

13 Post author: fool 14 January 2012 07:06PM

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Comment author: thomblake 18 January 2012 06:01:55PM 0 points [-]

I'm confused.

But you're extracting one ball.

Is this supposed to refer to my game, or the game in the OP? In my game, you examine all the balls.

The rest seems rather rushed - I'm having trouble parsing it. If it helps, I was not claiming that in the original game, an expected utility maximizer would strictly prefer A and D without taking into account risk/ambiguity aversion.

Comment author: [deleted] 18 January 2012 06:07:23PM *  0 points [-]

I was talking about the OP's game. (The “the choices make sense if you are risk-averse” in the grandparent seems to be about it. Are you using risk aversion with a meaning other than “downward-concave utility function” by any chance?)

Comment author: thomblake 18 January 2012 06:21:48PM 0 points [-]

Are you using risk aversion with a meaning other than “downward-concave utility function” by any chance?

Sort of. I was referring to ambiguity aversion, as you can see in the clarification in that very sentence. But I would argue that ambiguity aversion is just the same thing as risk aversion, at a different meta-level.

Though it might take an insane person to prefer a "certain 1/3 chance" over an "uncertain 1/3 chance".