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Jayson_Virissimo comments on Cashing Out Cognitive Biases as Behavior - Less Wrong
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Wait, why is purchasing option value considered a "bad decision"?
I wonder if they accounted for exceptional circumstances.
For instance, a few hours after we rented one movie, my wife finally went into labor. If we hadn't also gotten food poisoning that evening, we would have already watched the movie by that point.
Similarly, we barely caught a plane once after a truck accident completely stopped the highway for three hours. If it'd been any worse, we would have missed it, and I would NOT have counted the decision of when to leave as a bad decision.
Exceptional circumstances are normal; I imagine few people have never run into them...
Point is, how did the quiz deal with them? The summary said '... ever bought clothes..."
Not "... habitually buy clothes..."
Why would you need to deal with them? As long as the test ranks people correctly, it doesn't matter what the absolute numbers of checked responses are. We can report IQ as 120, 12.0 or 1.20, as long as the rankings are right, it doesn't matter the unit...
The point is the random noise. If someone has missed a plane due to a traffic accident on their way to the airport and someone else hasn't... (OTOH with 34 items, the noise on the average shouldn't be that big.)
Missing an airplane seems like a pretty expensive option.
Yeah, that is true for most people most of the time. I happen to have quite a bit of experience flying standby ("buddy pass"), so the exceptions are probably much more salient to me than to others.
-George Stigler