= 27d567bc2d48d9f40e9ccc20ea370b15)
Will_Sawin comments on The Ellsberg paradox and money pumps - Less Wrong
You are viewing a comment permalink. View the original post to see all comments and the full post content.
= 783df68a0f980790206b9ea87794c5b6)
Loading…= b715d02e85f7b3b4ae65ca3d3e450868)
Subscribe to RSS Feed
Powered by Reddit
= f037147d6e6c911a85753b9abdedda8d)
You are viewing a comment permalink. View the original post to see all comments and the full post content.
Comments (72)
How do you choose the interval? I have not been able to see any method other than choosing something that sounds good (choosing the minimum and maximum conceivable would lead to silly Pascal's Wager - type things, and probably total paralysis.)
The discontinuity: Suppose you are asked to put a fair price f(N) on a bet that returns N if A occurs and 1 if it does not. The function f will have a sharp bend at 1, equivalent to a discontinuity in the derivative.
An alternative ambiguity aversion function, more complicated to define, would give a smooth bend.
Heh. I'm the one being accused of huffing priors? :-)
Okay, granted, there are methods like maximum entropy for Bayesian priors that can be applied in some situations, and the Ellsberg urn is such a situation.
Yes, you are correct about the discontinuity in the derivative.
Yes. Because you're huffing priors. Twice as much, in fact - we have to make up one number, you have to make up two.