army1987 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: [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".